20 October 2010 18:29 [Source: ICIS news]
The Bank of Canada said domestic housing activity was declining markedly from high levels as government policy stimulus measures had resulted in expenditures being brought forward into late 2009 and early 2010.
The bank also said that economic growth in
Following the expiry of the
However, export strength would be sensitive to currency movements, the bank said, adding that “heightened tensions” in international currency markets could make the global recovery more difficult.
The Canadian dollar reached parity with the US dollar last week before slipping slightly this week. On Wednesday, one US dollar bought Canadian dollar (C$) 1.02.
“The economic outlook for
“The economy is entering a period of more modest growth, following the robust expansion of domestic demand since mid-2009 that restored pre-crisis levels of output and employment,” it said.
For 2011 and 2012, the bank forecast growth rates of 2.3% and 2.6%, respectively. This compared with its earlier forecast of 2.9% growth for 2011 and 2.2% in 2012.
Earlier this week, the bank said it would leave its target for the overnight rate at 1%, after three hikes since June when
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|