The weather is changing in Canada.
The summer has been mild and the winter has been colder.
But that hasn’t stopped people from spending money in Canada’s biggest cities, according to a new report.
The report from the National Bank of Canada finds that the economic growth in the country in the last two decades has been about as big as it has been in the past.
Canada’s GDP grew by about 2 per cent a year between 2000 and 2020.
The next fastest growing economy in the world, the United States, grew by 4 per cent between 2000-21.
The slowdown in growth over the past two decades is particularly striking, the report found.
The country’s average annual growth rate over the period has been only 0.2 per cent.
“The main reason for the slowdown is that the overall economy has been contracting for a decade,” said Natan Sharaf, chief economist at the National Capital Region.
“In other words, the economy has contracted.
The number of jobs has fallen and the rate of economic growth has fallen.”
This year is also set to be the first in 20 years in which Canada’s unemployment rate is lower than the U.S. rate, the NBC found.
It also found that in 2019, Canada’s total trade deficit was about $2.5 billion less than it was in 2016.
The NBC report notes that while the economy grew by 2.5 per cent in 2018, the government cut spending and the cost of living, which caused Canadians to spend less.
But even if the economy is slowing down, Sharaf said, “it is not necessarily a sign of a recession.
It’s more of a signal of a slowing economy that may need some time to recover.”
The NBS report is the latest in a series of studies by analysts at the bank that look at Canada’s economic growth since 2000.
The National Bank said it has looked at the past 30 years to determine the economy’s long-term growth prospects.
It says the long-run picture is looking better for Canada than it did in the 1990s and 2000s, when the country experienced two recessions and two receding global economies.
“For most of the past decade, Canada has experienced relatively slow growth,” said Robyn Balsam, the bank’s chief economist.
“However, this year the economic outlook has begun to improve.
We are seeing that Canada is returning to growth that was once enjoyed by some of the world’s fastest growing economies.”
Sharaf says Canada’s long growth has not been a given, however.
In a recent report, he said Canada’s growth in 2016 was slower than in 2008, but that the economy will continue to grow.
That growth is driven by a strong manufacturing sector that is expected to continue to benefit from the current climate, he added.
The growth in exports is also expected to remain strong and the economy continues to grow, he noted.
“We see the growth in GDP growth being strong in 2019 as well as in 2020, as manufacturing remains strong and we expect exports to continue expanding,” Sharaf wrote.
The Canadian economy grew at a healthy pace in 2019 and 2020, according the NBS.
“Our long-range outlook for the economy indicates that economic growth will continue in the mid-2020s and that the current global economic environment may hold the potential to maintain or even exceed the rate in the second half of the decade,” Sharf said.
“Although we have not seen an accelerated pace of growth, the overall trajectory is encouraging and indicates the country’s economy is now on a path to return to sustained growth.”