CANADA - Canada's real GDP grew over 5% during the 4th quarter of 2009 and is expected to keep growing in 2010, beating a forecast of 3.3% growth. It was the largest quarterly growth in almost ten years.
So much so that the Bank of Canada is already planning to raise interest rates by July. For now the overnight lending rate remains at a historic low of 0.25%.
In theory this means the recession in Canada is over, but economists warn that we should wait to see if the USA also recovers from its recession. The United States GDP grew 5.9% in the 4th quarter, but still suffers from a huge trade deficit with China and high unemployment.
However it should be noted the 7% decline in the first quarter of 2009 has yet to be recouped. Recovery may be under way, but it may be awhile before Canada is fully recovered and sees a much lower unemployment rate.
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