Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Page added on December 22, 2017

Bookmark and Share

Canada’s Economy Unexpectedly Stalls as Oil Production Drops

Consumption

Canada’s economy unexpectedly stalled in October on a decline in oil output, a disappointing kickoff to the final quarter of 2017.

Gross domestic product was unchanged from September, Statistics Canada reported Friday in Ottawa, weighed down by a 3.5 percent drop in production by oil sands companies. Economists surveyed by Bloomberg News had forecast a 0.2 percent gain for October.

The report may cast doubt on the economy’s ability to end a stellar year with any momentum. Economists, including those at the Bank of Canada, had anticipated growth would accelerate in the fourth quarter, after a slowdown in the middle part of the year.

Erik Hertzberg/Bloomberg

The currency dropped by as much as 0.5 percent after the report. Investors are betting the Bank of Canada will raise rates as many as three times next year, as the economy continues to grow at a strong enough pace to eliminate excess capacity.

Economists forecast growth in the fourth quarter to pick up to an annualized 2.4 percent pace, from 1.7 percent in the third, and to expand by 2.2 percent in 2018. That’s above what the central bank considers non-inflationary growth.

Even with an anticipated second-half slowdown, Canada is headed for 3 percent growth this year. The country’s unemployment rate meanwhile has fallen to the lowest in a decade, helping to fuel household spending all year, and that continued to be evident in the October GDP figures. Retailers saw their production jump 1.1 percent in October, while wholesalers posted a 1.4 percent increase.

“The resilience in Canada is on the consumer side,” Robert Kavcic, senior economist at BMO Capital Markets in Toronto, said by phone. “Our view is they are going to hold off and wait to March” to raise interest rates, he said.

Other Highlights of GDP Report

  • Goods-producing industries posted a 0.4 percent drop in October, versus a 0.2 percent gain for service producers
  • The drop in non-conventional oil output led a 1.1 percent fall in the mining, quarrying and oil and gas extraction sector. The non-conventional oil sector is down 7 percent since hitting a record in May
  • Manufacturing output posted an increase for the first time in four months, driven higher by non-durable industries
  • The construction sector — down 0.1 percent — posted its first decline in five months

bloomberg



19 Comments on "Canada’s Economy Unexpectedly Stalls as Oil Production Drops"

  1. Go Speed Racer on Fri, 22nd Dec 2017 3:10 pm 

    That’s some mighty bad news
    up there in Canader, eh?

  2. Go Speed Racer on Fri, 22nd Dec 2017 3:17 pm 

    Merry Christmas to all the Peak Oil
    crowd. .., Mr Rockman, Antius,
    Makita power tools, hyper Davy,
    Mastered-Mind, Gregster,
    Clogster. And others.

    To celebrate peak oil Christmas,
    everybody dump out 55 gallons
    of diesel oil into the road, add several tires,
    and light it.
    Ho Ho Ho!

  3. MASTERMIND on Fri, 22nd Dec 2017 3:45 pm 

    Go speed Racer

    Happy Holidays to you my friend.

  4. Cloggie on Fri, 22nd Dec 2017 3:53 pm 

    Merry Christmas to you to you, mr burning sofa! And to all the others too.

    https://tinyurl.com/ybvg98j9

    https://wcn.life/media/files/Kerstmis_in_Utrecht_groot.jpg

    https://farm8.static.flickr.com/7507/15798644618_4ef896ae05_b.jpg

  5. MASTERMIND on Fri, 22nd Dec 2017 4:18 pm 

    You are such a fag Cloggie..A total beta male…LOL That is why you love your alpha male Putin and Hitler…You cock sucker..And asshole eater!

  6. GregT on Fri, 22nd Dec 2017 5:41 pm 

    “You are such a fag Cloggie..A total beta male…LOL That is why you love your alpha male Putin and Hitler…You cock sucker..And asshole eater!”

    That sounds like a perfectly mature, sane, and intelligent thing to say, to somebody who just wished you a Merry Christmas.

    I thought you said you were smart MM? Apparently not so much.

  7. MASTERMIND on Fri, 22nd Dec 2017 6:00 pm 

    GregT

    Charity creates a great mulitude of sins.

    -Oscar Wilde

    See people like Cloggie will be nice and wish you a merry Christmas. Then they will go and post a hitler video and not feel any remorse due to his prior actions. In life its always the people who do the most harm are also the people who do the most good…For example a church goes and divides humans by race, class, ethnicity. Then they go and open up a soup kitchen for the poor..And never see the irony.

  8. Go Speed Racer on Fri, 22nd Dec 2017 6:46 pm 

    ….. all right children,
    put away the napalm and flame throwers,
    just for a day we’re going to sing
    Christmas Carols.

    Now at the encouragement of Roy Moore,
    Trump and the Charlottesville nazi’s,
    let’s all sing, White Christmas.

  9. GregT on Fri, 22nd Dec 2017 7:35 pm 

    “For example a church goes and divides humans by race, class, ethnicity. Then they go and open up a soup kitchen for the poor”

    And if they didn’t open up the soup kitchen, who else would? Try to think about the positives. Nobody is perfect MM.

  10. MASTERMIND on Fri, 22nd Dec 2017 7:57 pm 

    Gregt Who else would? How about the government or city. Like in Seattle and Portland which are the least religious areas in America which offer the most benefits to the homeless..Funny the least religious does the most for the homeless and the most religious states like in the south were the ones who blocked medicaid expansions and vote to take away poor peoples healthcare.

  11. GregT on Fri, 22nd Dec 2017 9:45 pm 

    “Funny the least religious does the most for the homeless and the most religious states like in the south were the ones who blocked medicaid expansions and vote to take away poor peoples healthcare.”

    Sounds to me like there might be a takeaway in this. Hmmm, let’s see……..

    MM, do not get involved in a religion. It does not appear likely that religion would work for you.

  12. fmr-paultard on Fri, 22nd Dec 2017 10:08 pm 

    yeah don’t believe the unbelievable. just submit to eurotard’s islamic alliance. you’ll see how real paranoia schitzo is like.

    https://www.thereligionofpeace.com/

    im a unbelieving tard but im with mom this coming midnight mass.

  13. Apneaman on Sat, 23rd Dec 2017 12:39 am 

    Oil AND Gas is counted with mining and quarrying and combined makes up about 8% of GDP. So what percent is just oil and is that really enough to ‘stall’ the entire economy? Methinks not.

    These types of oil is everything stories are left over from the think tanks during the Harper regime.

    “What is Canada’s GDP by industry or sector?

    As of the end of 2016, Canada’s reported GDP per year, in 2016 dollars, was $2.068 trillion or $2,068 billion. The following chart shows the percentage contribution of the various goods and services sectors to the total. Note however that this is based on something Statistics Canada calls 2007 chained dollars, which basically assumes that there were no price changes since 2007. I would prefer to use current dollars. However, for complicated reasons, Statistics Canada produces figures on GDP by industry in current dollars only on a three year lag basis. In current dollars the contribution of the energy sector would likely fall versus the chained dollars approach.”

    http://www.investorsfriend.com/canadian-gdp-canadian-imports-and-exports/

    If the Canadian economy is so good how come there are homeless people like I have never seen?

    This mess is a ten minute walk from my moms condo in her white bread bedroom community.


    City of Maple Ridge and homeless camp residents reach agreement to keep camp open

    Residents of Anita Place must comply with fire safety regulations, including no open flames or fires

    “On Monday, a B.C. Supreme Court judge signed a consent order between the two to address life safety issues at the site.

    “This will provide the province time to develop a plan to offer housing solutions for the occupants,” the city said in a statement.

    Under the order, campers will be restricted from having open flames or camp fires, more than one communal kitchen, certain combustible materials and must dispose of their garbage daily.

    In addition, B.C. Housing says it will provide the campers with fire-resistant tents and tarps, cold weather sleeping bags, clothing and in-tent heaters.

    The provincial housing authority says it will also install a potable water supply, a warming centre and a modular washroom unit with showers, as soon as gets the approval from the city or its fire department.

    “It’s just a more pragmatic approach to fire safety where the parties are working together to actually provide what’s needed to bring things up to the regulations that are being asked of people,” said Pivot Legal Society lawyer Anna Cooper.”

    http://www.cbc.ca/news/canada/british-columbia/city-maple-ridge-homeless-camp-residents-agreement-keep-camp-open-1.4422226

    They should also give them electronic vaporizers so there is no open flame crack pipes.

    A year or so back, I caught a couple of these homeless guys in my moms underground garage digging through the recycle bins looking for empties and someone said they found a needle on the stairs. Then there were some car break ins. They had to spend like 30K to upgrade the security.

    These are lost and forgotten people. Addicts and mental health. There is no place for them. The numbers are increasing and you can bet some of them were once employed. I’m sorry for them and all that, but they need to stay the fuck away from my mom.

    They could end a lot of these problems simply by stop buying Narcan/Naloxone and reviving the junkies who now OD at a staggering rate. According to police officers, EMS people & emergency room nurses (my friend is a nurse) and doctors some of these people they see and revive 2-3 times in one night and the same faces keep showing up – like every time they score.

  14. Cloggie on Sat, 23rd Dec 2017 4:54 am 

    Wow, this is not the US but supposedly affluent Canada (Maple Ridge City):

    https://tinyurl.com/y8xsc5e4

    And they are all white, the dispossessed and demonized folks of North-America, who build this place. In Europe we have these camps for young virile male fake refugees only, not for white folks. I observed these Asian intruders from places like Afghanistan and Pakistan with my own eyes, 10 minutes walk from my 5-star hotel in Kos/Greece south of Turkey, two years ago.

    Fortunately for European-America, there is a European way out of this mess. So far we had five American centuries:

    #1. European colony
    #2. European colony
    #3. European colony
    #4. True independence (thanks to F-NL-ES)
    #5. ZOG

    #6 could be:

    #6. Heartland USA+large parts Canada sovereign member(s) global European Commonwealth, politically and militarily centered around Paris-Berlin-Moscow, aimed at containing China and keeping the third world out.

    Third world USA under George Soros or Europe.

    Pick and chose America.

    Like in 1776, continental Europe of 640-700 million can finish it off but you need to begin a serious uprising first.

    https://en.wikipedia.org/wiki/Continental_Army

    Forget about the “End of History”, only bored Japanese island-dwellers like Fukuyama can come up with such insane ideas.

    https://en.wikipedia.org/wiki/The_End_of_History_and_the_Last_Man

    History is about to be kick-started again. Stop programming your iPhone.

  15. Davy on Sat, 23rd Dec 2017 6:34 am 

    Stupid eurotard anti-American fantasy without a basis in history nor the future. Eurotard, do some introspection at your own issues which are themselves huge. You can’t stand the idea we may be the last man standing. LMFAO. You will go to your grave ranting and raving about your American demons.

  16. Cloggie on Sat, 23rd Dec 2017 7:59 am 

    Stupid eurotard anti-American fantasy without a basis in history nor the future.

    But the “intellectual from Missouri” won’t lift a finger to refute my picture. Because he can’t. Davy loves to imagine he is a 1-percenter and that he is “on board” with the intentions of Washington, namely world empire. Davy matters, in his own estimation.

    You can’t stand the idea we may be the last man standing. LMFAO. You will go to your grave ranting and raving about your American demons.

    *** BREAKING ***

    Scientists have developed a new technology named idiospectrometry with which it is possible to produce a scan from somebodies skull interior. The results for Davy, boat, supertard and millimind are just in:

    https://www.youtube.com/watch?v=0qDdYlyLRoI

    Warning, graphic.

  17. Cloggie on Sat, 23rd Dec 2017 8:19 am 

    Ann nekkid shoulders Coulter makes an edgy remark regarding Nikki Haley and Trump’s Jerusalem fiasco:

    https://twitter.com/AnnCoulter/status/944062509048369152

    Nikki Haley meanwhile won’t warn the world again:

    https://twitter.com/nikkihaley/status/943983030565330944

    World shrugs, no longer accepts US leadership.

  18. Davy on Sat, 23rd Dec 2017 8:44 am 

    Tulip, why comment on someone with a fantasy well crafted and deviously documented with history revisions and future assumptions. You have your bible of lies. Why get sucked into the subterfuge.

    You live in a fake future. The actual future is when it unfolds. It’s unfolding is beyond complete understanding. For Tulip fantasy mixes seamlessly with reality so he can’t tell the difference. The further problem with Tulip is the self deception and dishonesty of self-promotion and extreme agendas of discrediment. His anti-Americanism is like a cult. His Eurotard bragging hilarious. This false reality is a faith and a calling of the faithful. This condition is typical of those lost in extreme agendas. Mad Kat is another extreme case of narcissistic self-deception.

  19. Boat on Sat, 23rd Dec 2017 11:09 am 

    Clog,

    The world shrugs no longer accepts US leadership. Did France or Germany fight in Iraq? Glad we can finally put this US imperialism to bed. Everybody makes their own choices. Bringing in those Muslims was EU’s choice.

Leave a Reply

Your email address will not be published. Required fields are marked *