Economic Growth

Forecasters keep expecting stronger growth just around the corner. After expanding by two per cent last year, they expect GDP growth to average 2.3 per cent this year and 2.5 per cent in 2015.


There’s been virtually no job growth in recent months; employment is barely above what it was six months ago. Our unemployment isn’t expected to decline much below 6.9 percent until 2015.


After averaging just 0.9 per cent in 2013 consumer prices are expected to rise by an average of 1.6 per cent in 2014 and 1.9 per cent in 2015.


In the first quarter of 2014, public sector wage settlements averaged 1.5 per cent, below the private sector average of 1.7 per cent, but above last year’s average of one per cent.

Interest Rates

With little growth in the economy, jobs, prices or wages, the Bank of Canada is expected to keep its target interest rate steady at one per cent until mid-2015.