At the same time, there were indications that domestic demand in Canada, which had held up well through the first part of the year, was softening. In view of these developments, at the time of our last fixed announcement date, on 28 August, we revised down our expectations for economic growth in the period ahead.
We projected that output growth in the second half of 2001 would be only slightly stronger than in the first half. The pace of economic expansion would then start to gain momentum in the first half of 2002 and would move above potential growth in the second half.