Canadian Economy Registered Good Results at the Beginning of 2018

Updated on Wednesday 30th May 2018

The first months of this year brought an increase to the Canadian economy which has surpassed the forecasts issued by specialists at the end of 2017. During the first two months of 2018, Canada’s Gross Domestic Product (GDP) grew by 0.4%, 0.1% higher than the previsions made by Statistics Canada. Among the industries performing the best were oil, automotive and manufacturing. Our company formation agents in Canada can assist foreign investors who want to start businesses in this country.

The Canadian GDP rose by 0.4% in January and February

The Canadian economy is following an ascending trend, as the GDP grew at the beginning of the year, contrary to the predictions of the National Statistics Office. The main drivers behind this increase were the oil and automotive production industries.

Manufacturing also registered good results, despite the predictions which indicated a slowdown in the production sector. However, thanks to these good outcome, specialists have revised their forecasts and announced a 2% increase for the following months for Canadian companies in the manufacturing sector.

Oil extraction also grew by 3% in the first months of 2018, as 20 sub-sectors of the oil industry registered increases in their activities in February.

Another industry which played an important role in the Canadian economy since the beginning of the year is construction which registered a 0.7% increase since the beginning of the year.

Our company registration advisors can guide investors interested in setting up companies in Canada in these industries.

How will the Canadian economy perform in the next months?

Both economists and the Canadian National Bank have issued forecasts on the economy in the coming months. If economists expect a 2% growth in the third quarter, the National Bank is more optimistic and announces a 2.5% growth for the second quarter and 2% increase for all the year.

Even if these numbers are not far from last year’s results, specialists are optimistic about 2018, based on the Canadian dollar which is on the rise and the oil extraction industry which also shows good signs.

For assistance in setting up a business in Canada, please contact our local company registration consultants.