Markets  |  January 23, 2013 20:00:00

Canadians are pessimistic on their economy

Bank of Canada (BoC) today revealed how he sees the domestic economy in 2013. The economic outlook in the last quarter of 2012 slightly worse. It's the weak demand for exports, a strong Canadian currency and the housing market is stagnating. Economists expect from Canada in 2013 economic growth of 1.8 percent, compared to the previous two percent moderate deteriorated. Economic growth (GDP) should during the year gradually accelerate in the last quarter of this year to reach a level of 2.6 percent.

Analysts justify worsened outlook weaker economic growth in the United States, which are the main destinations for Canadian exports. Weaker foreign demand for Canadian exports has caused a large trade deficit, which reached in November 2012 deficit of 2 billion Canadian dollars.The current account deficit in 2013 should fail to 62.2 billion Canadian dollars, is thus a worse prognosis compared to 44.25 billion in October.

BoC kept interest rates at 1 percent. Inflation should keep about 1 percent. Canada wishes to maintain long-term inflation in the range of 1 to 3 percent. For the first time since 2009, inflation may fall below 1 percent, especially in the first quarter of the 2013th In the second half of the year, but it expects inflation.

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