Reading the headline, one would think we’re beginning to accept mediocrity as we rave about the strong pickup in the Canadian economy in the fourth quarter and the solid economic performance, and that paired with economic growth for all of 2016 at 1.4 per cent.
The story though has been the pickup into the end of the year, and the handoff to 2017, as many private sector economists along with the Bank of Canada continue to look just a little more optimistic.
It was a healthy beat for the Canadian economic growth in the fourth quarter of 2016, but not enough to yet provide any counter trend strength to this declining Canadian dollar, as Q4 GDP advanced at an annual rate of 2.6 per cent.
The gains for the Canadian economy in the fourth quarter found consumer spending up 2.6 per cent, housing up 4.8 per cent, and to point out one area of concern still, is declining investment from business.
As CIBC World Markets remarked, “the future may be uncertain, but the recent past has been solid.”