Canada economy to keep growing in 2013, but at slow pace - institute

28 November 2012 17:27  [Source: ICIS news]

TORONTO (ICIS)--Canada’s economy is forecast to keep growing into 2013, but at a slow pace with a rebound in manufacturing and stronger exports offsetting a softer housing sector, a public policy and research institute said on Wednesday.

Housing, which led Canadian growth until this spring, has been declining in recent months.

Ottawa-based Macdonald-Laurier Institute (MLI) said that its leading indicator for Canada’s economy advanced 0.2% in October from September, matching September’s 0.2% growth from August.

“These trends hold out the prospect for continuing albeit slow growth in the Canadian economy over the next six months, despite recession in Europe and uncertainty surrounding the US budget plan,” said MLI research coordinator Philip Cross.

“They reflect continued strength in most domestic sectors in Canada and a pickup in key markets in the US for our exports,” Cross added.

The institute said its index for Canadian housing fell 1.7% in October as housing starts and existing home sales fell - the fourth straight decline in the housing index.

Canada's central bank, the Bank of Canada, has projected the country's GDP growth at 2.2% for 2012 and 2.3% for 2013.

Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog

By: Stefan Baumgarten
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