"We can't allow things that are inaccurate to stand." — The Word of Our Dan, February 19, 2008.

Monday, October 17, 2011

Vexatiously Omitting Contextual Matter

Last Thursday, VOCM reported:
NL Leading Country in GDP Growth: BMO
Thursday, October 13, 2011

Despite the fact growth in the province's economy is cooling, Newfoundland and Labrador will still lead the country in GDP growth according to BMO. Economist Robert Kavcic says our economy will grow by 3.5 percent thanks to construction and offshore oil projects. He says the biggest economic driver is construction, with government spending expected to total more than one billion dollars in the current fiscal year. Kavcic predicts growth will decelerate next year as fiscal stimulus winds down.
BMO's full monitor, in fact, goes on to state:
Atlantic Canada should see growth below 2% through 2012. ... Newfoundland & Labrador is an exception, as it is expected to grow a robust 3.5% this year,
thanks to energy-sector investment and a continued commitment to aggressive capital spending by the Province. But, that pace will also cool by 2012 as some projects begin to wind down.


Saskatchewan is one of only two provinces (the other is Newfoundland and Labrador) on track to be in the black this fiscal year, and the only one projected to be there persistently in the future.


Newfoundland and Labrador’s Public Accounts for FY10/11 and midyear fiscal update for FY11/12 are pending. In this spring’s Budget, the Province projected a $59 mln surplus for FY11/12 (0.2% of GDP), after an estimated $485 mln surplus in FY10/11 (1.6%). Budget balances were projected to switch to deficits in FY12/13 and FY13/14 ($496 mln and $310 mln, respectively), before returning to surplus in FY14/15.

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