Country Economic Forecasts - Canada
Real GDP grew 1.7% annualized in Q4, broadly in line with the pace we had expected and marginally faster than that seen in Q3 (which was marked down to 1.5% from 1.7% previously). The main reason for the subdued pace of growth in Q4 was slower consumer spending, a development that we had been anticipating for some time. In 2017 as a whole, the economy expanded at a very healthy average pace of 3%, up from 1.4% in 2016. Looking ahead, we expect real GDP growth of 2% this year, with gains in business investment, net trade and government spending expected to temper the impact of consumer spending growth slowing to around 2-2.5% in 2018 from 3.4% last year.
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