Troy Media – By David Hobden
Real gross domestic product (GDP) of Canada’s motor vehicle manufacturing sector declined 6.5 per cent in the second quarter, following a 2.7 per cent increase in the first quarter of 2010. The vast majority of Canada’s auto-related manufacturing production is located in Ontario.
The second quarter decline was driven by Japan’s supply chain disruptions and weaker consumer spending in the U.S. These are short-term, temporary factors however, and growth will accelerate again later this year.
It is forecasted that Ontario’s auto sector real GDP will expand by four per cent this year and eight per cent in 2012, following a post recession recovery of 30 per cent growth last year.
Growth will be led by vehicle assemblies, while parts output struggles against stiff international competition.
U.S. new vehicle sales are forecast to rise to 12.7 million units this year and 13.6 million units in 2012.
David Hobden, Central 1 Credit Union
Troy Media - David Hobden
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Ontario economic snapshot for July 30, 2011
Ontario economic snapshot for Aug. 27, 2011
Ontario economic snapshot for Aug. 13, 2011
Alberta economic snapshot for July 16, 2011
Alberta economic snapshot for July 23, 2011
Alberta economic snapshot for July 30, 2011
Alberta economic snapshot for Aug. 22, 2011
Alberta economic shapshot for July 9, 2011
Tags: Business, Economics, Ontario
Category: Business
