January 9, 2017 — Experts say 2017 could be a significant year for Canada’s economy after positive signs at the end of 2016.
Solid job figures, improving trade numbers and a healthy stock market all point to an emergence from a difficult period sparked by the oil price slump and stalling global growth.
Across the year, small gains in monthly job figures gathered pace, and added up to a healthy step forwards when taken as a whole.
- Canada Sees Largest Quarterly Jobs Gain For Six Years
- Quebec’s Unemployment Lowest Since Records Began
- Canada’s Jobs Boost Driven by Part-Time Work
- Quebec Unemployment The Lowest in 8 years
- Quebec Leads Canada’s August Jobs Boost
The monthly rise in full time positions in December were the most since March 2012 at 81,300, while the quarterly jobs gain of 108,000 at the end of 2016 was the highest for six years. The last six months of 2016 was Canada’s best for job gains since 2007.
The 54,000 employment rise in December came when analysts predicted a decline.
Merchandise trade swung from record $4.25 billion deficit two months ago to a $526 million surplus in November – the first in more than two years. This was driven by a significant 4.3 per cent rise in exports.
Meanwhile, Canada’s stock market is performing the best among all the developed countries.
Canada’s Jobs Snapshot
|End November||End December|
|Unemployment rate (%)||6.8||6.9|
|Employment rate (%)||61.2||61.3|
|Labour force participation rate (%)||65.6||65.8|
|Youth (15-24) unemployment rate (%)||12.9||12.6|
|Men (over 25) unemployment rate (%)||6.4||6.4|
|Women (over 25) unemployment rate (%)||5.1||5.4|
Source: Statistics Canada
Energy companies are beginning to invest again as they adjust to a new equilibrium in the industry. This could see annual GDP growth towards the 2 per cent mark for the year.
The Bank of Canada considered cutting the 0.5 per cent benchmark interest rate as recently as October, but the strong end to the year could now see the growth forecast rise in January.
Experts are saying the worst is over, and that 2017 will see the economic tide continue to shift in Canada’s favour, despite concerns over Donald Trump protectionism in the U.S. and slowing growth in China.
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