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Canada: Economic Growth Slower Than Anticipated

ByThe National Bank of Canada
Published 11/22/2012, 02:10 AM
Updated 05/14/2017, 06:45 AM

The economy is growing more slowly than anticipated.

For 2012: forecast real GDP growth is 0.9%.

For 2013: forecast real GDP growth is 1.5%.

For 2012-2013, the government is maintaining the budget deficit objective of $1.5 billion set last March.

This amount excludes the $1.8-billion accounting impact arising from Hydro-Québec’s extraordinary loss for the closure of the Gentilly-2 nuclear generating station.

Fiscal balance will be achieved in 2013-2014 and will be maintained thereafter.

Program spending growth will average 1.8% from 2012-2013 to 2013-2014, i.e. a level below the annual average of 5.6% from 2005-2006 to 2009-2010.

By way of comparison, program spending grew by 3.0% in 2010-2011 and 2.5% in 2011-2012.

TWO MEASURES TO FOSTER PRIVATE INVESTMENT
A new 10-year tax holiday for large investment projects, the tax holiday for investments, the THI, will be implemented.

In addition, the tax credit for investments is extended until 2017.
GROSS DEBT
DEBT REPRESENTING
To Read the Entire Report Please Click on the pdf File Below.

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