{"id":6293,"date":"2020-02-13T16:03:11","date_gmt":"2020-02-13T16:03:11","guid":{"rendered":"https:\/\/aboriginalbusinessmagazine.com\/?p=6293"},"modified":"2020-02-13T16:03:11","modified_gmt":"2020-02-13T16:03:11","slug":"budget-watchdog-slashes-economic-growth-projections-blames-temporary-factors","status":"publish","type":"post","link":"https:\/\/aboriginalbusinessmagazine.com\/?p=6293","title":{"rendered":"Budget watchdog slashes economic growth projections, blames temporary factors"},"content":{"rendered":"

\"\"<\/a>OTTAWA- Canada’s budget watchdog says economic growth during the final quarter of 2019 will be “significantly weaker” than predicted in its fall report.<\/p>\n

In its latest report on near-term growth, the parliamentary budget office says real GDP growth in the final three months of last year will likely come in at near-stagnant levels, at an annual rate of 0.3 per cent.<\/p>\n

That’s down from the PBO’s November prediction of 1.6 per cent growth in the fourth quarter.<\/p>\n

Parliamentary budget officer Yves Giroux blames the weakness mainly on what he describes as temporary disruptions in the mining, oil and gas, motor vehicle and rail transportation sectors.<\/p>\n

His report today projects real annual GDP to grow of 1.5 per cent in the first quarter of 2020, which is also slower than previously projected, partly as a result of weaker business investment and the economic effects of the coronavirus outbreak.<\/p>\n

The report also predicts the federal budgetary deficit for fiscal year 2019-20 will reach $23.5 billion, roughly 10 per cent higher than projected in November, as new government spending measures come into effect.<\/p>\n

\u00a0This report by The Canadian Press was first published Feb. 13, 2020.<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

OTTAWA- Canada’s budget watchdog says economic growth during the final quarter of 2019 will be “significantly weaker” than predicted in its fall report. In its latest report on near-term growth, the parliamentary budget office says real GDP growth in the final three months of last year will likely come in at near-stagnant levels, at an …<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":""},"categories":[42],"tags":[],"yoast_head":"\nBudget watchdog slashes economic growth projections, blames temporary factors - Aboriginal Business Magazine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aboriginalbusinessmagazine.com\/?p=6293\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget watchdog slashes economic growth projections, blames temporary factors - Aboriginal Business Magazine\" \/>\n<meta property=\"og:description\" content=\"OTTAWA- Canada’s budget watchdog says economic growth during the final quarter of 2019 will be “significantly weaker” than predicted in its fall report. 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