As Statistics Canada reports, domestic products reduced 0.1% in February. This was conditioned by the decreased production of goods and services. How are you going to grow your business? Do you need a reliable and affordable Canadian merchant account? Well, this article will tell you more on the topic and help you find exceptional Canadian merchant services.
Canadian Economy: Statistics Canada
In April, the International Monetary Fund reported that the 2019 global growth would make up 3.3%. Earlier, the fund predicted the number would be 3.5%. The IMF talked about trade disputes between the U.S., Canada, and Mexico since they were playing a major role with regards to the growth of the world economy.
Let’s look at some recent statistics concerning U.S. and Canadian economy growth:
- According to the central bank, the annualized rate of growth would be 0.3% in the 1st 3 months of 2019. Earlier, the bank expected the rate would be 0.8%.
- According to the Bank of Canada, real gross domestic product growth would be 1.2% in 2019. The number was 1.7% in January.
- The mining, quarrying and oil and gas extraction field shrank 1.6% overall.
- Transportation and warehousing dropped 1.6% after the rail transportation sector fell 10.8% because of cold weather, heavy snowfalls and B.C. derailment, which resulted in the closure of an important rail line through the Canadian Rockies.
- The IMF reported the 2019 U.S. GDP growth would make up 2.3%, down from 2.5% (earlier prediction). Also, the IMF cut its Eurozone growth prediction from 1.6% to 1.3%.
- In March, the U.S. Federal Reserve reported the 2019 GDP growth would account for 2.1%, down from 2.3% (earlier prediction).
- Leading Economic Index in Canada averaged 0.20% from 1997 until 2019. In September 2003, it jumped to 1.20%, thus representing its all-time high. Besides, it resulted in its record low point of -1.40% in December of 2008.
- The output of industries associated with goods production reduced 0.2%. This followed the increase 0.9% in January. Such increase was conditioned by reduced mining, quarrying and oil and gas extraction (-1.6%), as well as manufacturing (-0.4%).
Canadian Merchant Account
Royce Mendes, one of CIBC Capital Markets senior economists, says the surprise vs. consensus was observed to some extent in mining, oil and gas. However, the details show that it’s not related to the reduction in oil production. Mendes believes it was a broad-based drop in mining and quarrying attributed to weaker international demand that fueled the sector.
What about your business? What are your plans concerning your company’s growth? Well, one thing is for sure: you can’t do without working a reputable payments specialist that can help you move forward smoothly. So, take the time to find a true payment processor that provides the most secure, advanced and cheapest Canadian merchant account so to help you grow successfully.
To sum up, Canada’s economy shrank 0.1% in February. This came after investors had been keeping a close watch on global growth numbers in 2019. To achieve real growth in your business, work with a respectable credit card processing company in your field.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers the safest and cheapest Canadian merchant account in the space. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.