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Things looking up for Canadian economy

Some economic cheer for the Canadian economy at a time when the Eurozone crisis is slowing economic growth.

The Canadian index of leading economic indicators was up 0.8 per cent during December 2011, according to Statistics Canada. 

The rise in the authoritative index, which measures government expenditure, domestic demand and exports, among other indicators of economic health, follows a 0.9% increase in November.

The December increase exceeded forecasts made by economists that the Canadian Composite Leading Indicators Index would increase by 0.6 per cent, showing the strength of the Canadian economy.

The increase has been attributed partly to boosts in the manufacturing and housing markets, and is welcome news if you wish to sell your business.

A respected measure of Canada's economic outlook, the Canadian Composite Leading Indicators Index often fortells a boost in the country's growth rate.

The majority of components tracked by the Index were up in December. The components measured on a monthly basis comprise: 

• Government expenditure,

• General indicators including investment in machinery, and operating profits, 

• Domestic demand including automobile sales, 

• Labour market changes including services employment,

• Manufacturing,

• Exports and imports, including furniture sales,

• Construction including housing sales,

• Finance, including money supply and the stock market,

• Economic relationship with the USA, and

• Retail of durable goods.

Notable trends include the manufacturing indicator increasing for the second month in a row, the automobile sector being substantially boosted, and sales of durable goods increasing month on month. 

However, the stock market component of the index declined for the seventh month in a row and furniture sales were also lower than in previous months.

Statistics Canada sees great positivity from the figures, with a representative commenting that "Housing, services employment, and money supply growth contributed positively to the increase, while the U.S. leading indicator rose again on the strength of financial indicators, building permits and consumer confidence in the United States.''

Unfortunately, such positive economic news cannot be applied to the UK. It was announced today that the UK economy has shrunk by 0.2% in the last month.

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Sarah Louise Dean

About the author

Sarah Louise produces content across all titles in the Dynamis stable.


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