Just The Facts: Canada’s GDP Per Capita Shrinks For Sixth Consecutive Quarter
Ottawa, ON – After nine years of Justin Trudeau, Canadians are getting poorer. Today, Statistics Canada published their report on GDP by industry, showing that GDP growth lagged below the Bank of Canada’s forecast. RBC also released a report based upon this, revealing that Canada’s GDP per capita is expected to decrease for a sixth consecutive quarter.
Under Trudeau, Canada has experienced nearly a decade of lost wage growth. In fact, the per-person income of Canadians has now fallen back to the same level it was in 2016, while unemployment has risen to 6.6 percent in August. On top of this, GDP growth has trailed well behind population growth, meaning more Canadians are competing for fewer jobs.
As the Governor of the Bank of Canada said earlier this month, the Bank now has to “increasingly guard against the risk that the economy is too weak.”
Canada’s economic growth is also well short of the Bank of Canada’s 2.8 percent forecast in July. Worse still, according to RBC, roughly a quarter of GDP growth over the last three months is tied directly to an increase in “government administration,” as Trudeau continues with his out-of-control spending.
Despite this, Trudeau continues to punish the productive sectors of Canada’s economy to fund his out-of-control spending, with his disastrous tax hike on healthcare, homes, farms and small business being voted on next week. According to economist Jack Mintz, the increase in the capital gains tax rate will reduce Canada’s GDP by $90 billion, real per capita GDP by 3 percent, its capital stock by $127 billion, and employment by 414,000. This is the last thing that Canadians need.
Only Common Sense Conservatives will end Trudeau’s economic vandalism, fix the budget, and bring home powerful paycheques for all Canadians.