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BCREA ECONOMICS NOW

Canadian Real GDP Growth - October 31, 2011

The Canadian economy expanded 0.3 per cent in August following an upwardly revised 0.4 per cent gain in July. Economic growth was led by a 2.8 per cent increase in output in the energy sector as projects re-started from temporary shutdowns in the summer. Excluding the energy sector, monthly GDP growth was flat.

Through the first two months of the third quarter the Canadian economy is growing at about a 2.0 per cent rate – an improvement from the recession fears of the summer, but far from robust. We anticipate the economy will continue to grow at about a 1.5 to 2.0 per cent rate for the second half of the year. Slower than potential economic growth will put moderate downward pressure on inflation and keep the Bank of Canada in a holding pattern.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

Copyright British Columbia Real Estate Association. Reprinted with permission. BCREA makes no guarantees as to the accuracy or completeness of this information.

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