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Bank of Canada: Supersize Me (Again)!
Sep 8, 2022 | Economic News and ForecastsAs expected, the Bank of Canada (BoC) raised its benchmark rate yesterday - this time by 75 basis points, to 3.25%. This puts the rate into what the Bank calls "restrictive" territory; that is, it's above the neutral rate of 3% and is designed to act as a brake on...
Q2 GDP Up, Mainly Due to Growth in April - Statistics Canada
Aug 31, 2022 | Economic News and ForecastsStatistics Canada today released figures on GDP growth for the second quarter of the year. Overall, the economy grew at an annualized rate of 3.3%. This follows a 3.1% increase in Q1. Most sectors were up although residential construction took a major hit, falling by 27.6%...
BoC Hikes Benchmark Rate by 100 BP!
Jul 13, 2022 | Economic News and ForecastsThe Bank of Canada (BoC) today raised its benchmark rate by a full 100 basis points (bp), taking it to 2.50%. An increase of 75 bp has been expected ever since the US Federal Reserve's Federal Open Market Committee implemented a 75 bp increase in its overnight rate in June...
April GDP and May Forecast Released by Statistics Canada, and it's About as Expected
Jun 30, 2022 | Economic News and ForecastsStatistics Canada today released April GDP, showing a 0.3% growth over March's figures. This is slightly higher than the 0.2% forecast (see below). In investment in non-residential construction, all sectors showed growth...
Surprise! Or not - BoC Hikes Benchmark Rate Another 50 BP
Jun 1, 2022 | Economic News and ForecastsAs expected, the Bank of Canada (BoC) increased its benchmark rate another 50 basis points to 1.5%. The announcement of the rate hike was accompanied by a very hawkish statement, affirming that the Bank's position is “interest rates will need to rise further.”
Q1 GDP, March GDP and Flash Forecast for April Reported by StatsCan
May 31, 2022 | Economic News and ForecastsStatistics Canada reported that Q1 2022 GDP came in at an annualized rate of 3.1% - substantially lower than the 5.7% indicated last month (see article below) due to a drop in international export volumes. Business investment in non-residential structures was up 2.9% compared to Q4 2021...
Canadian GDP Figures for February Released
Apr 29, 2022 | Economic News and ForecastsStatistics Canada said today that Canada's GDP grew by 1.1% in February. This is higher than the 0.8% growth anticipated in their February flash estimate, and points to a 1.4% increase for Q1 GDP over Q4, indicating an annualized rate of 5.7%...
Another Interest Rate Hike by the Bank of Canada Announced
Apr 13, 2022 | Economic News and ForecastsThe Bank of Canada (BoC) announced another expected increase in its benchmark interest rate - this time doubling the rate to 1.00% and citing increasing inflationary pressures. The BoC forecast for the CPI has increased to almost 6% in the first half of the year, and is now expected to...
GDP Numbers for January Released
Mar 31, 2022 | Economic News and ForecastsStatistics Canada today released the January GDP numbers. The economy overall posted a 0.2% increase for the month, in spite of COVID-related lockdowns. Leading the charge were construction (up 2.8%), utilities (a 4.0% increase) and retail spending (up 2.6%)...
Bank of Canada Increases Interest Rates as Expected
Mar 2, 2022 | Economic News and ForecastsThe Bank of Canada (BoC) today announced it was increasing its benchmark interest rate to 0.50%. This is a quarter-point hike from the "effective lower bound" rate of 0.25% that has been in effect since the onset of the pandemic...