GDP FIGURES SURPRISE

Feb 28, 2014

By Michael Kramer

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Canada’s economy out-performed expectations in the final three months of last year.

Statistics Canada says the gross domestic product increased by an annual rate of 2.9 per cent in the final quarter of 2013. While not exactly robust, it’s still better than the 2.5 per cent analysts had predicted.

Not only is the economy doing better than expected, it appears Canadians are, too. Liberal leader Justin Trudeau has been warning of the collapse of the middle class under crushing debt loads. But statistics this week indicate median net worth reached a record high $243,800 in 2012. That’s an increase of almost 45 per cent in seven years.

Debt loads are up, but only slightly. And incomes in the upper 20 per cent increased by less than those in the middle class.

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