Statscan just announced that Canadian GDP rose 2.4% (annualized) where 2.0% was expected. For comparison Statscan says US growth was 2.2%. Inventories were a big contributor (which could be a drag in Q1). For all of 2014, the increase was a relatively strong 2.5%. Third quarter growth was 3.2%.
Exports were actually down 0.4%, well exports of goods were down 0.6% which probably isn't good for Ontario especially this from the Statscan report:
"Exports of motor vehicles and parts (-3.5%) and energy products (-1.3%) were notably lower. Metal and non-metallic mineral products grew 5.4%."
Interesting with the current developments that car related exports were down even more than energy products.
Savings were down in 2014:
"Household disposable income (in current dollars) grew 3.4%, the slowest
pace in five years. As a result, the household saving rate declined
from 5.2% in 2013 to 4.0% in 2014."
One wonders how much longer Canadians can continue to pay more for housing.
For Ontario overall, considering the fact car exports were down more than energy products, it is possible that Ontario's GDP could come under the national 2.4%. Employment numbers certainly weren't impressive in the fourth quarter. However as mentioned, inventories were way up, so who knows. Ontario's first quarter growth could be poor.