i*****s
发帖数: 15215 | 1 OTTAWA (Reuters) - Canada's economy stalled in October after four
consecutive months of growth, pointing to a fourth-quarter slowdown as
increasing global uncertainty mutes expectations for next year.
Statistics Canada said on Friday that October gross domestic product was
unchanged from September, matching the forecast of analysts who cited
financial turmoil in Europe and a troubled U.S. economy as factors slowing
Canada's economy.
"The Canadian economy has already exhibited signs of domestic demand fatigue
- household balance sheets are stretched and will likely keep consumer
spending subdued," said TD Securities strategist Mazen Issa.
Analysts said annualized fourth-quarter growth was unlikely to breach 2.0
percent, well below the 3.5 percent recorded in the third quarter.
Issa said subdued U.S. growth and sluggish Canadian exports meant "the first
half of 2012 is expected to be tumultuous" and predicted the Bank of Canada
would keep interest rates low the entire year.
Canada's currency slipped after the data, weakening to C$1.0190 against the
greenback, or 98.14 U.S. cents, down from about C$1.0183, or 98.20 U.S.
cents, immediately before the figures were released.
Statscan said output of goods-producing industries fell by 0.2 percent in
October from September, cancelling out a 0.2 percent increase in the
services sector.
The utilities sector dropped by 1.5 percent on lower demand for both
electricity and natural gas, while mining and oil and gas extraction were
off 0.2 percent. These declines offset a 0.3 percent gain in manufacturing.
Retail trade grew by 0.6 percent, reflecting widespread gains, while the
finance and insurance sector rose 0.3 percent on increased mutual fund
activity.
GDP was up 2.7 percent from October 2010.
BUDGET DEFICIT NARROWS
Even though growth stalled, a separate government report showed higher tax
revenues helped Ottawa cut its budget deficit in the first seven months of
the 2011-12 fiscal year to C$15.39 billion ($15.09 billion) from C$21.54
billion in the same period the previous year.
In October, an 8.1 percent jump in revenues meant the deficit fell to C$2.16
billion from C$4.11 billion in October 2010, the Finance Department said in
a statement. Program expenses were down 3.2 percent.
Revenues in the first seven months of the year were up 5.7 percent,
primarily reflecting higher income tax revenues. Program expenses were down
by 0.8 percent.
The Conservative government says it will not be able to eliminate the budget
deficit by 2014-15 as initially promised, and has pushed back the date for
balancing the books by one year to 2015-16.
Ottawa now predicts the 2011-12 deficit will be C$31 billion.
($1=$1.02 Canadian)
(Editing by Jeffrey Hodgson and Rob Wilson) |
|
