In the face of an apparent slowdown in many of the world�s economies, Canada�s economy
has been resilient. The Ivey Purchasing Managers’ Index (PMI) was 51.0 for July, the
highest level for the month since 1999 and the 12th consecutive month above 50,
indicating growth. The economy grew 0.3% in May. Real Gross Domestic
Product (GDP) growth will be 2.7% this year and 3.5% in 2005.
The Canadian economy will withstand any temporary weakness in world demand. The manufacturing sector has improved� �, and will continue to do so over the next few quarters. Job growth disappointed in July.
Manufacturing employment has been improving since August 2003. The housing sector will remain strong this year before weakening next year. Business investment in construction will start to improve. The BoC will raise rates on September 8th. Canada was upgraded to AAA by Fitch.
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