Bay Street Accounting and Tax Services

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Bank of Canada

Results from the second quarter 2022 Business Outlook Survey suggest capacity pressures remain elevated and expectations of significant price increases continue to be widespread. Firms anticipate that the post COVID rebound sales growth will begin to moderate.

Canada’s Economy

Preliminary data suggested that the Canadian economy outperformed its G7 peers in Q1 of 2022, with 1.4% quarter over quarter growth. Growth is expected to ease in the remainder of 2022, due to interest rate increases and inflation.

O.E.C.D. Forecast for Canada

The O.E.C.D. economic forecast from June 2022 indicates that Canada has largely recovered from the COVID crisis. Real GDP is projected to grow by 3.8% in 2022 and by 2.6% in 2023. Global supply tensions are predicted to keep prices high.