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U.S. Growth Will Boost Canada: RBC

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Canada’s economy may have grown at a moderate pace last year, but it’s poised for a year of solid growth in 2012, according to the latest RBC Economic Outlook issued by RBC Economics Research.

Against the backdrop of a strengthening U.S. economy, low interest rates, strong corporate balance sheets and rising commodity prices, RBC forecasts real GDP to grow by 2.6% in both 2012 and 2013.

“Canada’s economic growth clocked in at 2.5% in 2011, shaking off a few speed bumps in the middle of the year and ending the fourth quarter with only moderate real GDP growth of 1.8%,” said Craig Wright, senior vice-president and chief economist, RBC. “The country’s main engines of economic activity from the early days of the recovery—consumer spending and residential investment—are likely to play supplementary roles as the economy shifts into slightly higher gear on the road ahead.”

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