ECO 1102 Lecture 4: ECO1102 Lecture 4: ECO1102: Chapter 4 & 5

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: David Gray

Document Summary

Must know about the current state & performance of canada"s macroeconomy: unemployment rate in dec. 2015 = 7. 1, jobs lost during 1930 recession have been recovered, working age = 16 to 100 yrs. Old: oct. 2014 -> oct. 2015 = weekly earnings 1. 9, avg. salary = approx. k/year | avg. working week = 33 hours/week: nov. 2014 -> nov. 2015 = inflation rate 1. 4, level of gdp = approx. trillion/year: q3 2014 -> q3 2015 = real gdp growth 2. 3% Gross = everything, domestic = w/in canada, product = aggregate output. Nominal gdp adjusted for effects of inflation. Great recession (oct. 2008 -> oct. 2009) = 3. 5% Lasted 9 months (technical recession); positive yet uneven growth since then. Forecasted to about 1 to 1. 5% for 2016: gdp per capita = about 80% of u. s level. Favourable living standards, but canada lost to usa in 1990s.