Canadian Mortgage Broker News - Canadas economy continues growth

Canadian Mortgage Broker News - Canadas economy continues growth

Canada's economy continues growth

For the third straight month in November, Canada's economy grew, backed by strength in the gas and oil industries, wholesale trade, and continued real estate activity.

Statistics Canada reports gross domestic product advanced 0.4 per cent on the month, beating the market estimate of 0.2 per cent.

Economists say the data shows Canada's economy is on pace to meet or exceed the Bank of Canada's 3.3 per cent growth estimate for the final three months of 2009.

But while there is optimism by economists, Canadians are growing in their pessimism, says a new consumer confidence survey by the RBC Monthly Canadian. Some 52 per cent described the economy and job prospects as bad, compared to 48 percent feeling it was good in January. In December, 51 per cent had viewed it as good, compared to 49 per cent as bad.

Also, 56 per cent of Canadians expect the economy to improve over the next year, down from 60 per cent in December.