Ottawa, December 17, 2008

Archived - Updated Survey of Private Sector Economic Forecasts

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The Department of Finance has updated its survey of private sector economic forecasters in the past week.

The Department of Finance surveys about 15 private sector forecasters on a quarterly basis for their outlook on the Canadian economy. When conditions warrant, the survey is conducted more frequently to obtain the most up-to-date information.

On average, private sector forecasters have revised down their outlook for the Canadian economy since the last survey used in the 2008 Economic and Fiscal Statement. The updated private sector outlook reflects three interrelated developments:

  • Global economic conditions have continued to weaken;
  • The U.S. economic outlook has worsened; and
  • Commodity prices have continued to fall.

A summary of the updated private sector forecast and an assessment of the implications of this updated forecast for the Government's fiscal situation can be found on the Department of Finance website.

The Department will conduct another survey of private sector forecasts in January prior to the January 27th federal budget.

For further information, media may contact:

Jack Aubry
Media Relations
Department of Finance

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