Greetings!.. Attached is “British Columbia Budget Update 2013” containing new estimates and projections from the British Columbia Budget 2013 June Update released yesterday. Canadian April GDP continued to increase • April 2013 GDP rose 0.1% in the month following a 0.2% gain in March. • Strength in the month was concentrated in service-producing industries where activity was up 0.3%. • Activity in goods-producing industries dropped 0.3% with weakness concentrated in oil and gas extraction. • Continued growth in April GDP was encouraging although it represented a slowing relative to gains in the previous two months. Although this earlier strength bodes well for the Canadian economy continuing to grow in the second quarter of 2013, the April data implied a slowing relative to the first-quarter gain of 2.5%. Growth in the second quarter will likely also be impaired by the recent flooding in Alberta that is expected to subtract 0.2 percentage points from growth in June. The combined effect of these factors is expected to moderate second-quarter 2013 growth to 2.1% from the 2.5% recorded in the first quarter. The hit to growth in June due to the floods is expected to be quickly reversed in July both as shutdown operations reopen, and as the repair and rebuilding of damaged facilities gets underway. This factor along with a strengthening US economy is expected to send Canadian growth higher by a full percentage point during the second half of 2013. With the slowing in growth expected to be temporary, the next move by the Bank of Canada is still expected to be to raise interest rates although the first hike is not expected until the middle of 2014. Note: along with a strengthening US economy is expected to send Canadian growth higher by a full percentage point during the second half of 2013. With the slowing in growth expected to be temporary, the next move by the Bank of Canada is still expected to be to raise interest rates although the first hike is not expected until the middle of 2014. Greetings!.. Attached is “British Columbia Budget Update 2013” containing new estimates and projections from the British Columbia Budget 2013 June Update released yesterday.
Posted on: Fri, 28 Jun 2013 20:14:13 +0000
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