The Economy in Brief – January 2008

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The following Economy In Brief has just been posted on the Finance Canada Site.

Overview
* In the third quarter of 2007 real gross domestic product (GDP) grew 2.9%, down from a 3.8% pace in the second quarter.
* Domestic demand growth remained solid. Real final domestic demand rose 4.6% compared to 4.9% in the second quarter. Business inventory accumulation was $15.4 billion after a smaller buildup of $4.5 billion in the second quarter.
* Real imports grew more than real exports, moderating real GDP growth and narrowing the nominal trade surplus and the current account surplus (the amount that receipts from non-residents exceed payments to them). The current account surplus decreased by $21.2 billion to $4.2 billion, falling to 0.3% of nominal GDP from 1.7% in the previous quarter.
* A healthy labour market has underpinned domestic demand growth. Employment rose 1.7% in the third quarter, up from 1.3% in the second quarter. In November, the unemployment rate was 5.9%, up slightly from 5.8% in October when it was at its lowest level in nearly 33 years.

Additional: Economy In Brief / PDF Version

SOURCE: Dept of Finance Newsroom – Read the Rest of This Brief ..

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