Advisors stood strong while the economy took a step backward in the second quarter.
New GDP numbers released today saw the finance and insurance sector continue its momentum with a 0.2 per cent increase in January. This follows a 1.3 per cent gain in December.
The nominal growth for the insurance sector runs counter to the perceived wisdom that consumers are less likely to buy the product during times of economic uncertainty.
The news wasn’t so good, however, for financial investment services, which fell considerably, acting as a drag on sector growth.
Overall, the economy took a step backward in January with the real gross domestic product declining 0.1 per cent, better than the 0.2 per cent drop expected by economists but worse than the 0.3 per cent increase in December.
Yesterday, Stephen Poloz, the Bank of Canada Governor classified the drop in oil prices as having an “atrocious” effect on the Canadian economy although he did soften that by suggesting a lower dollar combined with a stronger U.S. economy should, in the medium term, help exports dig the country out of the current hole.
New GDP numbers released today saw the finance and insurance sector continue its momentum with a 0.2 per cent increase in January. This follows a 1.3 per cent gain in December.
The nominal growth for the insurance sector runs counter to the perceived wisdom that consumers are less likely to buy the product during times of economic uncertainty.
The news wasn’t so good, however, for financial investment services, which fell considerably, acting as a drag on sector growth.
Overall, the economy took a step backward in January with the real gross domestic product declining 0.1 per cent, better than the 0.2 per cent drop expected by economists but worse than the 0.3 per cent increase in December.
Yesterday, Stephen Poloz, the Bank of Canada Governor classified the drop in oil prices as having an “atrocious” effect on the Canadian economy although he did soften that by suggesting a lower dollar combined with a stronger U.S. economy should, in the medium term, help exports dig the country out of the current hole.
