01 June 2012 17:06 [Source: ICIS news]
TORONTO (ICIS)--Conditions in ?xml:namespace>
Toronto-based Royal Bank of Canada (RBC) said its monthly purchasing managers’ index (PMI) for
"The Canadian manufacturing sector has proven to be quite resilient over the past several months against a backdrop of market uncertainty and softening conditions in many other parts of the world,” said RBC chief economist Craig Wright.
"Manufacturing plays an important role in the country's economic growth and we expect
However, in a related report on Friday, statistics agency Statistics Canada said Canada's GDP grew by an annualised 1.9% in the three months ended 31 March - well below RBC's projection and also below the 2.4% rate the country's central bank has forecast for 2012.
RBC's PMI is based on survey responses from more than 400 Canada-based industrial companies. RBC conducts the survey in cooperation with research firm Markit and the Purchasing Management Association of Canada.
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