Newspaper article The Canadian Press

Conference Board of Canada Downgrades Economic Outlook, Cites Wildfires

Newspaper article The Canadian Press

Conference Board of Canada Downgrades Economic Outlook, Cites Wildfires

Article excerpt

Conference Board downgrades economic outlook

--

OTTAWA - A new Conference Board of Canada report has downgraded its projections for economic growth in 2016 from 1.6 per cent to 1.4 per cent, despite a strong start to the year.

The think tank says Canada's economic growth advanced at a solid annual pace of 2.4 per cent in the first quarter, driven by robust household spending, a surge in exports and a double-digit increase in residential construction.

But that momentum has largely dissipated after gross domestic product contracted in February and March, followed by wildfires in the Fort McMurray, Alta., region in May and June that shut down many oilsands operations.

The board estimates that the temporary shutdowns will have reduced oil production by 57 million barrels this year, costing oil and gas firms $3. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.