Canadian Economy Expanded in July

Canadian Monthly GDP Growth - September 28, 2012

The Canadian economy expanded 0.2 per cent in July, up from a sluggish 0.1 per cent rate in June. Growth was led by strength in the manufacturing, retail, while mining,oil and gas extraction and construction were weaker.

Third quarter economic growth is off to a much stronger start than anticipated given some of the weak data releases of late. Our updated third quarter GDP tracking estimate is now showing just under 2 per cent growth.

We are forecasting that the Canadian economy will grow at a modest pace of about 2.1 per cent this year followed by a similar pace of growth in 2013.  Moderate growth and low inflation combined with lingering global economic uncertainty will continue to keep the Bank of Canada on hold well into 2013.

For more information, please contact:

Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884

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).

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.”

BCREA makes no guarantees as to the accuracy or completeness of this information.