Consumer Spending Boosts Canada’s Economy
Canada is currently enjoying the strongest economic growth in the G-7 (countries with the world’s most advanced economies), according to figures provided by Statistics Canada on August 31, 2017.
Economists had predicted a healthy 3.7% annual growth rate for the Canadian economy in the second quarter of 2017, but very strong consumer spending and increased exports helped Canada’s Gross Domestic Product (GDP) to soar to a yearly rate of 4.5 percent.
By comparison, the US economy grew by an annual rate of 3.0% during the second quarter of 2017.
With the economy growing at its highest rate since 2011, producing thousands of new jobs in Canada, household spending surged to its strongest level in nine years as Canadian consumers expressed optimism at cash registers across the country.
Increased household spending is likely to boost more economic growth and generate additional Canadian jobs as businesses try to meet consumer demands for goods and services.
The ongoing economic expansion is putting pressure on Canadian employers, however, who are facing a challenge filling different kinds of jobs in Canada, ranging from skilled tradespeople to university-educated professionals.
All of this is good news for experienced foreign workers with good English or French language skills who want to live and work in Canada.
Canada’s government is granting Canadian permanent residency to thousands of skilled foreign workers and their family members every year to help employers find qualified employees and to keep Canada’s economy growing at a robust rate.
To find out if you are eligible to live and work in Canada, click here!
