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Home » Canada » Bank of Canada lowers growth outlook as exports drag – Business – CBC News

Bank of Canada lowers growth outlook as exports drag – Business – CBC News


Bank of Canada lowers growth outlook as exports drag – Business – CBC News.

The Bank of Canada signalled Tuesday that it’s lowering its forecasts for economic growth in the second half of 2013 and possibly for next year, citing a more prudent consumer and an export sector that has yet to fully recover.

Senior deputy governor Tiff Macklem said the central bank no longer expects the July-September period to grow at a rate of 3.8 per cent as previously forecast.

Instead, the bank says the third quarter will likely show an economy that advanced at a more moderate pace of 2.0 per cent to 2.5 per cent, the same speed it now expects will continue in the fourth quarter. Previously, it had penciled in a 2.5 per cent expansion for the last three months of the year.

The Canadian dollar dipped on the news and was selling nearly a quarter of a cent lower in early afternoon trading…

 


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