Thursday, October 29

Canadian Economy

Business, Canadian Economy, gdp, National, Statistics Canada

Canada’s economy grows 4.5 percent in May: Statistics from Canada – The Canadian News

Statstics Canada says the economy grew 4.5 percent in May as companies began reopening after severe March and April blockades. In a preliminary estimate for June, the agency says the economy continued to grow at an annualized rate of 5 percent. Despite two months of growth after two months of negative readings, economic output contracted by 12 percent in the second quarter. More to come
Bill Morneau, Canadian Economy, Columnists, Coronavirus, Justin Trudeau

WUDRICK: Trudeau spent the rainy day fund back when the sun was shining

One trillion dollars. A one with twelve zeroes after it. A thousand billion dollars.It’s where Canada’s federal debt is heading in the next half year.We all knew the number was going to be jaw-dropping, but it turned out to be even worse than even the most pessimistic predictions.On March 27, the Parliamentary Budget Office estimated this year’s federal deficit would hit $112 billion. By April 30, that estimate had jumped to $252 billion.But when Finance Minister Bill Morneau revealed his ‘fiscal snapshot’ this week, the deficit had ballooned to a whopping $343 billion. That means our existing $775 billion federal debt will now increase by over 40% in a single year. That will put it well over a trillion dollars for the first time.By comparison, the last time the debt rose by $343...