Canadian economy struggles after difficult year-end

3/1/2020, 6:42:15 PM

Coronaviruses, falling oil and blocked railways are making growth prospects uncertain.

"The growth of the Canadian economy slowed sharply in the fourth quarter of 2019 (…) Real GDP increased by 0.3% in annual rates in the last quarter of 2019," said Parliamentary Budget Officer Yves Red. For the National Bank of Canada's economist and chief strategist, Stéfane Marion, the “decline in growth in the last quarter of 2019 is mainly due to one-off factors: strikes in the automotive and rail sectors, as well as abysmal weather in November ” , which had a temporary impact on the agricultural sector and household spending. "As proof, consumer confidence has rebounded strongly in the past two months, as have home sales."

Read also: The global economy under the shock of the coronavirus

However, Canada is facing three major irritants at the start of the year: the fall in oil prices, the blocking of railroads by Native Americans and the coronavirus. With several consequences. For the first quarter of 2020, the chief economist