Statistics Canada announced today that Canada’s economy grew 5% in the 4th quarter of 2009. This represents the strongest quarterly rate of economic growth in almost a decade, and is well ahead of market expectations.
Our economy's strong performance is further proof that Canada’s Economic Action Plan is working, and helping our nation to emerge from this period of economic uncertainty with justified confidence.
Highlights from the past quarter:
- Household spending increased, thanks to our tax cuts for Canadian families.
- Expenditures for home renovations went up significantly as Canadians availed themselves of the Home Renovation Tax Credit.
- And major investments in infrastructure funded thousands of stimulus projects in communities in every part of Canada.
In the coming year the IMF predicts Canada’s economic growth will be at the head of the G-7 pack. This is excellent news.
Despite this, our government won’t be satisfied until those Canadians who have lost jobs are working once again.
That is why this week our government will present a Jobs and Growth Budget that will implement Year 2 of Canada’s Economic Action Plan.
Key themes of the budget will be job creation, economic growth and deficit reduction once our economic recovery is assured.
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