June 21, 2011
RBC Expects Solid GDP Growth in 2011 and 2012
Did you know Canada’s economy is expected to grow by 3.2% this year, helped by high commodity prices and a continued recovery in the United States? The latest outlook from RBC Economics projects continued GDP growth at a respectable 3.1% pace in 2012. “Strong demand for commodities and a revival in U.S. demand for autos will drive healthy gains in exports,” said RBC chief economist Craig Wright. Although consumers were the mainstay of growth coming out of recession, the key driver will switch to business-driven growth as corporate investments pick up, the report said. Despite current global economic uncertainties, Canada’s economy posted a 3.9% gain in Q1 of this year.
