Growths and declines in Canadian economy

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By Elli Davis, December 24, 2009

As Canada is recovering from its first recession since the very beginning of 1990's, the news about November home sales in GTA were quite heartwarming. Partly for this reasons - the nicely increasing numbers of sold houses, it was expected that the economy in Canada is growing quite fast. However, it only grew by 0.2 percent in October 2009.

According to the statement of Statistics Canada from Wednesday, wholesaling rose by 0.2 percent, retailing increased by 0.3 percent in October and construction rose 0.1 percent. As for declines, finance and insurance decreased by 0.7 percent, and mining and energy exploration declined by 0.4 percent. Gross domestic product in October 2009 decreased too - by 3.2 percent in comparison with October 2008.

Seems like the recovery is going to take a long time. We must take into consideration that this is the first one after a really long time. However, as the housing market is already showing positive signs, 2010 will hopefully show better results.