As we enter the fourth quarter, little in the way of hard economic data or anecdotal information suggests any sharp shift in the pace of economic activity. If that is so, the economy could be in the process of registering several consecutive quarters of growth below its potential rate, the first time it has done so since early 2003.
9 Reviews of forecast performance help to update our understanding of economic relationships, evaluate risks to the current outlook and identify areas where we could improve our accuracy. The Bank will always make forecast errors, reflecting the uncertainties in assessing the current state of the economy and its outlook.