Canadian economic growth slows


Canada, a country which has been admired by many as immune to the global financial crisis, has seen a small but potentially significant decline in their economic growth.

Reports in relation to the second quarter of this year suggest the economy shrank by 0.4%. This is in contrast to the steady growth which the country had been enjoying recently, including a 0.2% rise from May to June this year.

Indeed, a total growth of 3.6% for the first quarter of the year puts this latest drop into an even sharper context.

The news will also be greeted with mixed feelings around the globe. With persistent financial problems in the U.S and the Euro zone, political leaders in those areas will take pleasure that nobody is immune to economic downfall. However, they are also likely to be thinking that if Canada can fall prey to a downturn, how much worse could it get for them?

There was some good news for the North American country though, amid the bewilderment that greeted the economic slowdown.

Company purchases of machinery and equipment rocketed to the highest the highest level since 1996.

This suggests that businesses in the area remain confident of what the future holds, and are prepared to invest in that future to make money.

Krishen Rangasamy, a Senior Economist at National Bank Financial Group, echoed that confidence when he suggested: “If you’re not confident, you’re not going to invest. Exports are going to be under the gun here, with the strong Canadian dollar and the slowing global economy, but domestic demand is going fine, and that’s why businesses remain confident despite all the headwinds.”

Transfer money to Canada

If you are looking to invest in Canada, think carefully about how you will be transferring money to Canada. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Canada – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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