Canadian Gross Domestic Product, Fourth Quarter and December 2010

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Published on: April 3, 2011

Date: February 28, 2010

Canadian Gross Domestic Product, Fourth Quarter and December 2010

Source: Statistics Canada

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Summary: Driven by higher exports and stronger consumer spending, Canada’s Real Gross Domestic Product (GDP) grew 0.8 per cent in the fourth quarter (or 3.2 per cent annualized) from an upwardly revised 0.4 per cent gain in the previous three month period. All major industrial sectors increased their output in 4th quarter 2010 but for manufacturing, which saw a decline after five consecutive quarterly increases. For December, GDP rose 0.5 per cent. For 2010 as a whole, GDP rose by 3.1 per cent, following a 2.5 per cent decline in 2009.

Analysis: The fourth quarter GDP figure exceeded the Bank of Canada’s 2.5 per cent forecast contained in its January Monetary Policy Report. Improvement in the level of business investment and exports suggests that economic growth is becoming more broad-based. More sustained growth across all sectors of the economy will lead steadier growth in incomes and ultimately stronger consumer confidence. Consumer confidence is a key factor in the health of the residential real estate market. If people are confident in their employment and income prospects over the long term, they will be more confident in their ability to purchase and pay for a home over the long term as well.

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