Canada Economic Report

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Canada is likely to experience high economic growth, even when a global economic crisis is affecting most economies of world. Global organizations like International Monetary Fund have predicted positive growth figures for Canada economy in 2009. Canada economic report gives a better picture of this nation’s economy.

Canada GDP, exports and imports


Canada is likely to experience high economic growth, even when a global economic crisis is affecting most economies of world. Global organizations like International Monetary Fund have predicted positive growth figures for Canada economy in 2009. Canada economic report gives a better picture of this nation’s economy.

Canada GDP, exports and imports
From years 2005-2008, Canadian economic growth rate hovered around 2.4 percent. For two consecutive years, 2007 and 2008, Canada gross domestic product was estimated to be about 2.7 percent. Canadian exports have been registering growth figures for over 5 years. GDP breakup of Canadian exports were as follows: agriculture- 2.1 percent, industry- 28.8 percent, and services- 69.1 percent.

In 2008, according to Canada economic report, exports had increased by 8.76 percent to reach $440 billion. US, like always, was major export partner for Canada. Total Canadian imports had risen to about $390 billion, a rise of about 11.66 percent over previous year.

Inflation, unemployment in Canada
Canada economic report reveals that average inflation rate (consumer prices) was about 2.40 percent in 2008. That was an increase of around 0.4 percent from inflation rate in 2007. According to 2007 CIA estimates, unemployment rate in Canada was likely to be around 5.90 percent, a decrease of about 0.50 percent from previous year average of 6.40 percent.

Coping with global economic slowdown
Canadian government has to adopt strong measures to protect their nation from global economic crisis. A current account deficit coupled with a growing government fiscal deficit have contributed to slowdown of Canada’s economy. Tax cuts have to be introduced to prevent Canada’s economy from being affected by global economic crisis. Services sector of Canada continues to be a major force in propelling Canadian economy, even in times of global financial crisis. It remains to be seen if Canada will be able to maintain its high rate of economic growth in 2009.

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