Media and Resources

Economic and Fiscal Update for Canada – 11th July 2020

Summary:

  • On 8 July the Canadian federal government unveiled an economic and fiscal update – described as a snapshot of where the economy is right now.
  • This is the first update offered by the federal government since the December 2019 update (the only one since the Liberal government formed a minority government after the October 2019 election). The March 2020 budget was not tabled because of COVID-19.
  • Net federal debt is set to hit CAD$1.7 trillion in 2021 – a number never seen before in Canada. However, as a proportion of GDP – nearly 50% – the Government and commentators see this as a very manageable debt level.
  • Annual federal deficit for 2020-21 is expected to rise to CAD$343.20 billion, in large part due to the CAD$212 in direct support measures the government has provided to Canadians in response to the pandemic.
  • The Canadian economy is projected to shrink by 6.8% in 2020, before coming back by 5.5% in 2021.
  • The federal government’s revenues are expected to decline to CAD$268.8 billion in 2020-21, from a projected CAD$341 billion in 2019-20.

This has also been published to the MFAT website here.   

You can view the complete list of market reports published to date here: www.mfat.govt.nz/market-reports/

source: New Zealand Ministry of Foreign Affairs and Trade


Monitoring International Supply Chains – 22nd June 2020

As part of its work to ensure international supply chains function as well as possible through COVID, MFAT has been using its network of Posts to monitor how international sea and air ports, and domestic logistics are operating. This fortnightly report provides a snapshot of how international supply chains are functioning, as well as international actions to support supply chains, and issues of interest to New Zealand firms.

This has also been published to the MFAT website here.   

You can view the complete list of market reports published to date here: www.mfat.govt.nz/market-reports/

source: New Zealand Ministry of Foreign Affairs and Trade


Market Update for Canada – 3rd June 2020

Summary:

  • Considering the impact that COVID-19 has had on economies around the world – including in Canada – New Zealand goods exports to Canada did not perform too badly through March/April 2020 (the peak of the COVID-19 pandemic in New Zealand and Canada).
  • In April 2020, overall goods exports decreased by 5.75 percent compared to April 2019. But this impact was lessened given higher exports over previous months – in the year to April 2020 good exports to Canada were up by 7.35 percent compared to the year to April 2019.
  • Unsurprisingly there has been a significant impact on tourism and transportation service exports to Canada (which together made up 34.21 percent of New Zealand’s total exports to Canada in 2019). This will have an enduring impact on New Zealand’s total exports to Canada through 2020 and beyond.

source: New Zealand Ministry of Foreign Affairs and Trade

Can NZ Facts is CNZBC’s periodic newsletter that we send out to our members, keeping them informed of what is going on with CNZBC and other timely news items that we feel would be relevant to our members.

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