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Canada’s economy is muddling along this year, but a better performance is expected in 2014 in line with a revived U.S. economy, according to The Conference Board of Canada’s Canadian Outlook — Spring 2013.
The soft domestic economy will slow GDP growth to 1.8 percent in 2013, down from the 2.2 percent pace expected in the winter edition of the Canadian Outlook. However, in 2014, growth in real gross domestic product is expected to accelerate to 2.5 percent, due to a strengthening U.S. economy in 2014.
“Overall, Canada’s domestic economy is not expected to muster enough strength to get growth in real gross domestic product above 2 percent this year,” said Pedro Antunes, director, National and Provincial Forecast. “Still, the stronger pace of U.S. growth expected in 2014 should help to lift spirits, resource prices, trade prospects and income here at home.”