Canadian Economy Expanded by 1.7% in 2017

Updated on Friday 23rd March 2018

Canada is one of the most important economies in the world and this is shown in its trading numbers and the good results registered by the country year after year. In last months of 2017, the Canadian economy registered a significant economic growth which reached 1.7%, according to Statistics Canada. Foreign investors who want to open companies in Canada can rely on our company formation agents for assistance.

Canadian economy expanded at a fast pace in 2017

The 1.7% economic increase registered by Canada in the last months of 2017 shows a faster growth rate compared to the same period of 2016, when the increase was of 1.4%. The real Gross Domestic Product (GDP) indicated a total growth of 3% of the whole year of 2017, once again a higher rate than the one of 2016.

The 4th quarter of last year brought a 2.3% growth in terms of investments made by Canadian companies which explains the fast pace in which the economy expanded. Also, household spending also increased by 0.5% during the same period. Exports of goods and services have also registered their second consecutive year of expansion.

Based on these numbers, the National Bank announced that the good economic results registered at the end of 2017 meant a good start for 2018.

The economy is expected to grow by 2.6% in 2018

Based on the results registered last year, the forecast is better for 2018, when the GDP is expected to reach an increase of 2.6%, according to economists. On the other hand, based on budget predictions, the real GDP is expected to reach a 2.2% growth this year and 1.6% in 2019.

Last year, Canada had the strongest increase among the G7 countries, however economists are more cautious in making predictions for 2018. On a quarterly basis, the first two quarters of this years are expected to bring increases of 3.7, respectively 4.3%.

Among the industries expected to have a good performance this year are construction, services, natural gas extraction and wholesale. The same industries have registered good results last year.

For full information on the requirements to start a business in Canada, please feel free to contact our local representatives. We can also assist with the registration of companies across the country’s provinces.