•  Nonetheless, exports should remain below their pre-recession peak until the second half of 2014, owing to a lower track for foreign demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar. •  Consumption is expected to grow moderately and residential investment to decline further from historically high levels.
The Bank expects trend growth in household credit to moderate further, with the debt-to-income ratio stabilizing near current levels. •  Relative to the October MPR, Canadian economic activity is expected to be more restrained. Following an estimated 1.9 per cent in 2012, the economy is expected to grow by 2.0 per cent in 2013 and 2.7 per cent in 2014.