## Canada: 2017 Article IV Consultation-Press Release and Staff Report

_IMF Staff Country Reports, July 13, 2017_

## Source details

**Canonical URL:** [Canada: 2017 Article IV Consultation-Press Release and Staff Report](https://www.imf.org/en/publications/cr/issues/2017/07/13/canada-2017-article-iv-consultation-press-release-and-staff-report-45074)

## Other formats

- [Markdown version](/en/publications/cr/issues/2017/07/13/canada-2017-article-iv-consultation-press-release-and-staff-report-45074/index.md)
- [Structured JSON version](/en/publications/cr/issues/2017/07/13/canada-2017-article-iv-consultation-press-release-and-staff-report-45074/index.json)
- [Bundle manifest](/en/publications/cr/issues/2017/07/13/canada-2017-article-iv-consultation-press-release-and-staff-report-45074/bundle-manifest.json)

## Bibliographic details
- Published: July 13, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484309605.002

---

### Executive summary and outlook
- The Canadian economy has regained momentum, supported by the authorities’ pro-active growth strategy, but complex adjustments are still at play.
- Externally, the global outlook has improved, but uncertainty surrounding global trade and risks of economic fragmentation may negatively affect the durability of the Canadian recovery.
- A strong United States economy, expansionary fiscal and monetary policy, and stable oil prices are expected to lift real GDP growth to 2.5 percent in 2017 and 1.9 percent in 2018.
- Residential construction is expected to expand at a more moderate pace, reflecting tighter macroprudential measures.

### Domestic demand and sectoral developments
- Personal consumption is robust.
- Business investment remains weak.
- Nonenergy exports have underperformed.
- Housing market imbalances have risen.
- Residential construction: expected to expand at a more moderate pace due to tighter macroprudential measures.

### External environment and risks
- Improved global outlook supports Canada’s recovery.
- Key risks: uncertainty surrounding global trade and risks of economic fragmentation, which may negatively affect the durability of the recovery.
- External support factors: strong United States economy and stable oil prices.

### Policy stance and implications
- Authorities’ pro-active growth strategy has supported the recovery.
- Expansionary fiscal and monetary policy are contributing to the projected growth outcomes.
- Macroprudential tightening is intended to moderate residential construction and address housing market imbalances.

### Key statistics and projections
- Real GDP growth: 2.5 percent in 2017.
- Real GDP growth: 1.9 percent in 2018.

*International Monetary Fund. Canada: 2017 Article IV Consultation-Press Release and Staff Report, July 13, 2017.*

---

## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2017/cr17210.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2017/cr17210.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2017/07/13/canada-2017-article-iv-consultation-press-release-and-staff-report-45074_