Friday, May 31, 2013

Better GDP Performance for Canada in Q1 2013?

Here's a Star article about the Bank of Canada expecting performance in Q1:

"And, as Carney noted Wednesday, economic expansion in Canada appears to have been stronger than expected in the first three months of 2013. Growth in the first quarter of the year is expected to have been between 2.3 per cent and 2.5 per cent. Statistics Canada will release the latest growth number on Friday."

That's better than I was expecting, especially considering the Q1 employment numbers were quite mediocre. Part of this growth might be from higher prices for oilsand oil, where prices have converged to West Texas Intermediate prices from Q4 2012. If that's the case, I would expect Ontario's growth to be weaker and Alberta's stronger. We won't know the Ontario breakdown today when the feds release their number, but we might be able to infer some information from all the federal numbers.

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