Canadian Economic Review and Outlook, 2012-2014

Tuesday, January 22, 2013

For the Canadian economy and its manufacturing sector, 2012 was a difficult year. Global headwinds and a weak domestic economy led to disappointing economic performance. For the manufacturing sector, growth rates, sales, and employment were feeble. Nevertheless, there is confidence that 2013 will bring positive news. The MAPI industry forecasting model suggests that recovery will be stronger in 2013 and 2014, especially for durable goods industries. Anticipated 2013 growth leaders include motor vehicles and machinery industries. Projected annual GDP growth for 2013 is above 2 percent; there is great uncertainty, however, and improvement of the U.S. economy will definitely contribute to reaching these growth rates.