Macro - Country Economic Forecasts - Canada
We upgraded our 2024 GDP growth forecast for Canada by 0.4ppts to 0.9% largely due to stronger-than-expected growth in Q2. But the economy is losing momentum, and so we've cut our 2025 growth forecast by 0.2ppts to 1.2%. The Q2 pick-up in economic growth will not continue since it mainly reflected one-off, higher government spending on retroactive wage settlements and capital expenditures on aircraft, ships, locomotives, and railway rolling stock.
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