BMI maintains its broadly optimistic outlook for the Canadian port sector, but we remain concerned about import and export volumes. We believe the Canadian economy will continue to slow due to weakening residential construction and household consumption, but should avoid falling into recession. The mix of growth will continue to shift away from private consumption as household balance sheets remain under pressure. We now forecast 2014 GDP growth of 2.5%, an uptick on 2013′s estimated 1.5% growth. For the period 2014-2017 we expect to see average annual GDP growth of 2.3-2.4%.
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