Thursday, August 11, 2011

Canada's Second Quarter GDP Growth 1.5% in 2011

I'm always interested in quarterly rates of GDP growth, especially comparing the federal versus Ontario's. Here's an article reporting the Bank of Canada's estimate for the second quarter:

The Canadian economy grew at a slower-than-expected pace of 1.5 per cent in the second quarter, the Bank of Canada estimated Wednesday as it slashed an earlier forecast that looked for growth of two per cent.

However, the central bank said it expected the domestic economy will grow slightly faster in the second half of the year than thought earlier, logging overall annual growth of 2.8 per cent for 2011, down slightly from an earlier estimate of 2.9 per cent.

That's pretty weak and considering the events of the past week I can't see the third quarter being strong. The big question is how Ontario did. Was Ontario above or below the national average. I'm guessing slightly above, but the high price of oil during the quarter could not have helped.

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