9 Dec 2011

Report: Canadian economy expands in 2011

After a sluggish start, the Canadian economy will likely finish the year strong, according to a new report.

In BMO Economics' Provincial Monitor report, gross domestic product in the third quarter rose 3.5 percent on annualized basis despite hurdles that snarled growth, such as auto-sector supply chain disruptions and the Alberta wildfires

"We expect 2011 to end up with 2.3 per cent growth for the year," said Michael Gregory, senior economist for BMO Capital Markets.

Nevertheless, Gregory noted that it may prove difficult for Canadian businesses – both large and small – to maintain their success in 2012, as they will face stiff headwinds from consumers, many of whom have a negative sentiment about their financial situation. However, Cathy Pin, vice-president of commercial banking at BMO, said Canadian entrepreneurs remain cautiously optimistic about the new year

To start 2012 off on the right foot, it may behoove Torontonians to consider expanding their workspace in order to facilitate greater production. Jiffy Self-Storage offers a variety of office spaces at an inexpensive price that can help businesses succeed.

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