BOC says economy bouncing back
Oct 24, 2012 / 7:37 am
The Bank of Canada says the economy is revving up again after hitting a speed bump in the recently completed third quarter.
The central bank foresees Canada will experience relatively robust quarters of growth over the next year, mostly as a result of increased exports as the global economy begins to mend.
The banks says that, in part due to temporary factors and headwinds from weak global conditions, Canada's real gross domestic product only grew by about one per cent in the July-September period.
That's half what it had expected in July and the weakest quarter of growth since the spring of 2011.
But the bank says the last three months of 2012 will see a rebound to 2.5 per cent growth and GDP advances of 2.6 per cent in each of the next three quarters.
On an annual basis, the bank says growth will average 2.2 per cent this year, 2.3 in 2013 and 2.4 in 2014.
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