Latest Forecast Tables    

Share this:

Interest Rate Outlook

F: Forecast by TD Economics as at March 2023. All forecasts are end-of-period.
Source: Bloomberg, Bank of Canada, Federal Reserve, TD Economics.
Interest Rates 2022 2023 2024
Q1 Q2 Q3 Q4 Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F
Canada                        
Overnight Target Rate  0.50 1.50 3.25 4.25 4.50 4.50 4.50 4.50 4.00 3.50 3.00 2.50
3-mth T-Bill Rate  0.60 2.08 3.58 4.23 4.50 4.50 4.50 4.25 3.75 3.25 2.75 2.38
2-yr Govt. Bond Yield  2.27 3.10 3.79 4.06 3.80 3.90 3.60 3.25 3.00 2.75 2.60 2.45
5-yr Govt. Bond Yield  2.39 3.10 3.32 3.41 3.00 3.15 3.00 2.90 2.80 2.70 2.65 2.60
10-yr Govt. Bond Yield  2.40 3.23 3.16 3.30 2.90 3.10 3.05 3.00 2.95 2.90 2.85 2.85
30-yr Govt. Bond Yield  2.38 3.13 3.09 3.27 2.85 3.20 3.15 3.15 3.15 3.15 3.15 3.15
10-yr-2-yr Govt Spread 0.13 0.13 -0.63 -0.76 -0.90 -0.80 -0.55 -0.25 -0.05 0.15 0.25 0.40
U.S.                         
Fed Funds Target Rate  0.50 1.75 3.25 4.50 5.00 5.25 5.25 5.25 4.75 4.25 3.75 3.25
3-mth T-Bill Rate  0.51 1.66 3.22 4.30 5.05 5.15 5.15 4.90 4.40 3.90 3.40 2.90
2-yr Govt. Bond Yield  2.28 2.92 4.22 4.41 4.30 4.40 4.05 3.70 3.40 3.10 2.85 2.70
5-yr Govt. Bond Yield  2.42 3.01 4.06 3.99 3.80 3.90 3.70 3.55 3.35 3.15 3.05 2.95
10-yr Govt. Bond Yield  2.32 2.98 3.83 3.88 3.60 3.75 3.65 3.50 3.40 3.25 3.15 3.05
30-yr Govt. Bond Yield  2.44 3.14 3.79 3.97 3.75 3.90 3.85 3.80 3.70 3.55 3.45 3.35
10-yr-2-yr Govt Spread 0.04 0.06 -0.39 -0.53 -0.70 -0.65 -0.40 -0.20 0.00 0.15 0.30 0.35
Canada-U.S. Spreads            
Can - U.S. T-Bill Spread 0.09 0.42 0.36 -0.07 -0.55 -0.65 -0.65 -0.65 -0.65 -0.65 -0.65 -0.52
Can - U.S. 10-Year Bond Spread 0.08 0.25 -0.67 -0.58 -0.70 -0.65 -0.60 -0.50 -0.45 -0.35 -0.30 -0.20

Foreign Exchange Outlook

F: Forecast by TD Economics as at March 2023. All forecasts are end-of-period.
Source: Bloomberg, Bank of Canada, Federal Reserve, TD Economics
Currency Exchange rate 2022 2023 2024
Q1 Q2 Q3 Q4 Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F
Exchange rate to U.S. dollar                        
 Euro   USD per EUR 1.11 1.05 0.98 1.07 1.07 1.06 1.08 1.10 1.13 1.15 1.17 1.19
 UK pound   USD per GBP 1.32 1.22 1.11 1.21 1.21 1.20 1.21 1.22 1.24 1.25 1.26 1.27
 Japanese yen   JPY per USD 121 136 145 132 135 138 135 130 127 125 124 123
 Chinese renminbi CNY per USD 6.34 6.70 7.11 6.90 6.90 7.00 6.95 6.90 6.85 6.80 6.80 6.80
Exchange rate to Canadian dollar                        
 U.S. dollar   USD per CAD 0.80 0.78 0.73 0.74 0.73 0.72 0.73 0.73 0.74 0.75 0.76 0.76
 Euro   CAD per EUR 1.39 1.35 1.35 1.45 1.47 1.47 1.49 1.50 1.52 1.53 1.55 1.56
 UK pound   CAD per GBP 1.64 1.57 1.53 1.63 1.66 1.67 1.67 1.67 1.67 1.67 1.67 1.67
 Japanese yen   JPY per CAD 97.3 105.4 105.2 97.4 98.5 99.3 98.1 95.4 94.2 93.6 93.8 94.0
 Chinese renminbi CNY per CAD 5.08 5.21 5.17 5.10 5.04 5.03 5.05 5.06 5.08 5.09 5.15 5.20

Global Stock Markets

*Weighted equity index including both developed and emerging markets.
Source: Bloomberg, TD Economics.
Major Market Indexes Price 30-Day YTD 52-Week 52-Week
Feb-22 % Chg. % Chg.  High Low
S&P 500 4,015 1.1 4.6 4,632 3,577
S&P/TSX Composite 20,258 -1.2 4.5 22,087 18,206
DAX 15,400 2.4 10.6 15,534 11,976
FTSE 100 7,931 2.1 6.4 8,014 6,826
Nikkei 27,104 2.1 3.9 29,223 24,718
MSCI AC World Index* 637 0.0 5.2 723 550

Commodity Price Outlook

F: Forecast by TD Economics as at March 2023. All forecasts are period averages.
Source: Bloomberg, TD Economics, USDA (Haver).
Commodity 2022 2023 2024
Q1 Q2 Q3 Q4 Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F
Crude Oil (WTI, $US/bbl) 94 109 93 83 77 83 89 90 90 89 88 85
Natural Gas ($US/MMBtu) 4.66 7.48 7.99 5.55 2.50 3.00 3.20 3.80 4.20 4.50 4.80 4.75
Gold ($US/troy oz.) 1876 1873 1728 1731 1840 1850 1870 1900 1920 1925 1900 1880
Silver ($US/troy oz.) 24.05 22.66 19.25 21.30 22.30 22.00 22.50 22.80 22.90 23.00 23.04 23.06
Copper (cents/lb) 453 433 352 363 405 406 406 408 411 411 412 414
Nickel ($US/lb) 12.73 13.20 10.00 11.53 12.40 11.50 11.00 10.90 10.80 10.70 10.68 10.65
Aluminum (cents/lb) 148 131 107 105 105 108 109 111 113 115 120 122
Wheat ($US/bu) 11.55 13.69 10.72 11.60 10.80 9.00 8.50 8.40 8.20 8.10 7.90 7.70

Canadian Economic Outlook

[Period-Over-Period Annualized Per Cent Change Unless Otherwise Indicated]

F: Forecast by TD Economics as at March 2023.
Home price measure shown is the CREA Composite Sale Price.
* Intellectual Property Products. ** CPIX: CPI excluding the 8 most volatile components.
*** BoC Inflation: simple average of CPI-trim and CPI-median.
Source: Statistics Canada, Bank of Canada, Canada Mortgage and Housing Corporation, Haver Analytics, TD Economics.
Economic Indicators 2022 2023 2024 Annual Average 4th Qtr/4th Qtr
Q1 Q2 Q3 Q4 Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F 22 23F 24F 22 23F 24F
 Real GDP 2.4 3.6 2.3 0.0 0.9 0.5 -0.2 0.1 0.3 0.5 1.0 1.3 3.4 0.8 0.4 2.1 0.3 0.8
 Consumer Expenditure 2.1 9.3 -0.4 2.0 2.8 1.2 -0.7 -0.6 -0.3 0.3 0.7 0.9 4.8 1.7 0.0 3.2 0.7 0.4
Durable Goods             7.9 -13.7 -6.7 14.4 2.0 -1.0 -3.5 -2.5 -1.5 0.0 0.3 0.5 -2.0 0.4 -1.3 -0.2 -1.3 -0.2
 Business Investment 3.2 12.2 4.0 -2.5 2.3 -0.2 0.1 1.0 1.4 1.8 2.3 2.2 6.4 1.3 1.3 4.1 0.8 1.9
Non-Res. Structures 4.2 5.8 9.4 10.2 3.0 -1.0 0.0 1.0 1.5 2.0 2.5 2.4 8.0 4.0 1.3 7.4 0.7 2.1
Equipment & IPP* 2.2 19.8 -1.4 -14.8 1.5 0.7 0.3 1.0 1.3 1.7 2.1 2.1 4.9 -1.5 1.3 0.7 0.9 1.8
 Residential Investment 7.2 -30.3 -18.9 -8.8 -8.0 -4.0 -1.0 0.5 1.0 1.4 1.8 2.2 -11.1 -9.3 0.6 -13.8 -3.2 1.6
 Govt. Expenditure 3.8 -2.4 3.1 3.8 2.0 2.2 2.6 2.4 2.5 2.4 2.3 2.3 2.0 2.3 2.4 2.0 2.3 2.4
 Final Domestic Demand 3.1 2.1 -0.8 1.0 1.8 1.0 0.2 0.4 0.7 1.1 1.4 1.5 2.7 0.9 0.8 1.3 0.8 1.1
 Exports                   -7.5 6.9 10.6 0.8 2.4 2.6 1.9 1.4 1.7 1.9 2.0 2.1 2.6 3.3 1.8 2.5 2.1 1.9
 Imports                   1.3 27.5 -1.8 -12.0 1.4 1.7 1.3 1.1 1.7 1.8 1.9 2.0 7.2 -0.3 1.6 2.8 1.4 1.8
 Change in Non-farm                                    
 Inventories (2012 $Bn) 21.2 48.4 43.9 19.2 13.2 9.2 6.2 4.2 2.2 -0.8 -2.8 -3.8 33.2 8.2 -1.3 -- -- --
 Final Sales 0.5 -4.5 0.1 6.8 2.9 1.7 0.8 0.8 1.0 1.6 1.7 1.7 0.7 2.2 1.2 0.6 1.5 1.5
 International Current                                    
 Account Balance ($Bn)  11.0 22.0 -33.7 -42.6 -18.4 -19.0 -17.2 -15.9 -14.9 -13.5 -12.2 -11.2 -10.8 -17.6 -12.9 -- -- --
% of GDP  0.4 0.8 -1.2 -1.5 -0.7 -0.7 -0.6 -0.6 -0.5 -0.5 -0.4 -0.4 -0.4 -0.6 -0.4 -- -- --
 Pre-tax Corp. Profits 20.5 51.1 -30.0 -40.7 2.4 1.0 -1.2 -0.3 1.2 2.0 3.1 3.4 8.9 -10.7 1.1 -6.7 0.5 2.4
% of GDP  15.6 16.7 15.3 13.6 13.5 13.4 13.3 13.2 13.1 13.1 13.1 13.1 15.3 13.4 13.1 -- -- --
 GDP Deflator (y/y) 8.8 9.6 7.0 4.2 1.8 -0.4 1.5 2.8 2.7 2.6 2.4 2.4 7.4 1.4 2.5 4.2 2.8 2.4
 Nominal GDP  15.4 16.8 -2.5 -2.7 3.7 3.5 2.7 2.7 2.7 3.0 3.3 3.6 11.0 2.2 3.0 6.4 3.2 3.2
 Labour Force 1.1 1.4 -0.1 2.2 4.3 1.5 0.9 0.8 0.8 0.8 0.8 0.8 1.5 2.0 0.9 1.1 1.9 0.8
 Employment  3.3 4.0 -0.1 2.2 4.5 0.5 -0.4 -0.5 -0.5 -0.1 0.4 0.9 4.0 1.8 -0.1 2.3 1.0 0.2
 Change in Empl. ('000s)  157 191 -4 109 219 24 -19 -24 -24 -3 18 46 750 349 -27 453 200 38
 Unemployment Rate (%)  5.7 5.1 5.1 5.1 5.1 5.3 5.6 5.9 6.2 6.4 6.5 6.5 5.3 5.5 6.4 -- -- --
 Personal Disp. Income  14.6 5.6 2.0 12.4 8.4 2.3 2.4 2.2 2.5 2.7 2.9 3.0 5.2 5.8 2.5 8.5 3.8 2.8
 Pers. Savings Rate (%)  8.1 5.0 5.0 6.0 6.5 5.9 6.1 6.2 6.3 6.4 6.4 6.4 6.0 6.1 6.4 -- -- --
 Cons. Price Index (y/y) 5.8 7.6 7.1 6.6 5.4 3.5 3.1 2.7 2.5 2.4 2.3 2.1 6.8 3.7 2.3 6.6 2.7 2.1
 CPIX (y/y)** 4.9 6.0 5.9 5.7 4.8 3.6 3.0 2.8 2.6 2.5 2.4 2.3 5.6 3.5 2.4 5.7 2.8 2.3
 BoC Inflation ( y/y)*** 2.7 4.1 5.1 5.2 4.7 3.4 2.9 2.7 2.5 2.4 2.3 2.2 4.3 3.4 2.3 5.2 2.7 2.2
 Housing Starts ('000s) 241 271 281 258 228 228 222 216 212 207 205 202 263 223 206 -- -- --
 Home Prices (y/y) 17.0 3.4 -4.8 -11.2 -20.0 -13.1 -5.6 -2.6 1.2 3.0 3.3 3.3 0.8 -10.8 2.7 -11.2 -2.6 3.3
 Real GDP / worker (y/y) -1.7 -0.6 0.4 -0.3 -0.9 -0.8 -1.4 -0.7 0.4 0.5 0.6 0.6 -0.5 -0.9 0.5 -0.3 -0.7 0.6

U.S. Economic Outlook

[Period-Over-Period Annualized Per Cent Change Unless Otherwise Indicated]

F: Forecast by TD Economics as at March 2023.
* Intellectual Property Products. ** Non-farm business sector.
Source: Bureau of Labor Statistics, Bureau of Economic Analysis, Census Bureau, TD Economics.
Economic Indicators          2022 2023 2024 Annual Average 4th Qtr/4th Qtr
Q1 Q2 Q3 Q4 Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F 22 23F 24F 22 23F 24F
 Real GDP -1.6 -0.6 3.2 2.7 1.0 0.5 0.4 0.7 0.8 1.2 1.6 1.8 2.1 1.3 1.0 0.9 0.6 1.4
 Consumer Expenditure 1.3 2.0 2.3 1.4 2.6 1.1 0.1 0.4 0.6 1.0 1.3 1.4 2.8 1.5 0.7 1.8 1.0 1.1
Durable Goods             7.7 -2.8 -0.8 -1.9 3.2 -2.6 -4.6 -2.3 -1.5 0.1 0.6 1.1 -0.5 -1.1 -1.4 0.5 -1.6 0.1
 Business Investment 7.9 0.1 6.2 3.3 3.2 1.1 -1.5 -0.2 1.1 1.8 2.3 2.9 3.8 2.1 0.9 4.3 0.6 2.0
Non-Res. Structures -4.4 -12.7 -3.6 8.5 4.0 0.0 -4.0 -2.3 -1.0 0.0 1.0 3.0 -6.9 0.5 -0.9 -3.3 -0.6 0.7
Equipment & IPP* 11.1 3.4 8.7 2.0 2.9 1.3 -0.9 0.3 1.6 2.3 2.6 2.8 6.6 2.5 1.4 6.2 0.9 2.3
 Residential Investment -3.1 -17.8 -27.1 -25.9 -11.9 -16.5 -5.2 3.2 10.3 11.4 11.5 12.3 -10.7 -16.5 5.6 -19.0 -7.9 11.4
 Govt. Expenditure -2.3 -1.6 3.7 3.6 2.0 0.7 1.9 1.0 1.0 0.9 0.8 0.9 -0.6 2.0 1.0 0.8 1.4 0.9
 Final Domestic Demand 1.3 0.2 1.5 0.7 2.0 0.3 0.0 0.5 1.1 1.5 1.7 1.9 1.7 0.9 1.0 0.9 0.7 1.5
 Exports                   -4.6 13.8 14.6 -1.6 7.0 2.0 0.8 1.1 2.0 2.5 2.8 3.0 7.2 4.5 1.9 5.2 2.7 2.6
 Imports                   18.4 2.3 -7.3 -4.2 4.0 -2.7 -1.3 1.1 2.0 2.5 2.7 3.3 8.2 -1.2 1.4 1.8 0.2 2.6
 Change in Private                                    
 Inventories 214.5 110.2 38.7 136.3 80.4 61.1 68.3 75.2 66.5 58.0 53.7 53.7 124.9 71.3 58.0 -- -- --
 Final Sales -1.8 1.4 4.5 1.2 2.2 1.0 0.3 0.5 1.0 1.4 1.7 1.8 1.3 1.7 1.0 1.3 1.0 1.5
 International Current                                    
 Account Balance ($Bn) -1130 -955 -868 -880 -868 -879 -914 -952 -972 -979 -988 -995 -958 -903 -984 -- -- --
% of GDP  -4.6 -3.8 -3.4 -3.4 -3.3 -3.3 -3.4 -3.5 -3.5 -3.5 -3.5 -3.5 -3.8 -3.4 -3.5 -- -- --
 Pre-tax Corporate Profits                                    
 including IVA&CCA 0.5 19.7 -0.2 20.2 -18.5 1.6 -1.4 -1.1 -0.1 2.7 4.5 4.0 8.4 -0.6 1.0 9.6 -5.2 2.8
% of GDP  11.6 11.9 11.7 12.0 11.3 11.2 11.1 10.9 10.9 10.8 10.9 10.9 11.8 11.1 10.9 -- -- --
 GDP Deflator (y/y) 6.9 7.6 7.1 6.4 5.3 3.9 3.6 3.4 3.0 2.6 2.3 2.1 7.0 4.0 2.5 6.4 3.4 2.1
 Nominal GDP  6.6 8.5 7.7 6.7 5.0 4.1 3.6 3.5 3.2 3.4 3.6 3.8 9.2 5.4 3.5 7.4 4.1 3.5
 Labor Force 4.5 0.4 0.9 0.7 3.7 0.5 0.6 0.5 0.5 0.6 0.5 0.5 1.9 1.4 0.5 1.6 1.3 0.6
 Employment  4.6 3.2 3.4 2.5 2.5 0.7 -0.5 -0.7 -0.9 -0.7 -0.4 -0.1 4.3 1.8 -0.6 3.4 0.5 -0.5
 Change in Empl. ('000s)  1689 1197 1287 955 969 270 -176 -277 -360 -268 -145 -42 6346 2673 -872 5128 786 -815
 Unemployment Rate (%)  3.8 3.6 3.5 3.6 3.5 3.5 3.7 3.9 4.2 4.4 4.6 4.7 3.6 3.6 4.5 -- -- --
 Personal Disp. Income  -3.9 4.8 7.7 8.6 10.5 5.2 3.7 3.4 4.0 3.3 3.3 3.5 -0.1 7.1 3.7 4.2 5.6 3.5
 Pers. Savings Rate (%)  4.3 3.2 3.2 3.9 4.5 4.5 4.4 4.4 4.7 4.8 4.9 5.0 3.7 4.4 4.8 -- -- --
 Cons. Price Index (y/y) 8.0 8.6 8.3 7.1 5.9 4.7 4.3 4.0 3.4 2.7 2.1 1.8 8.0 4.7 2.5 7.1 4.0 1.8
 Core CPI (y/y) 6.3 6.0 6.3 6.0 5.6 5.4 4.8 4.3 3.7 2.9 2.5 2.3 6.1 5.0 2.8 6.0 4.3 2.3
 Core PCE Price Index (y/y) 5.3 5.0 4.9 4.8 4.8 4.7 4.4 4.0 3.2 2.6 2.3 2.1 5.0 4.5 2.5 4.8 4.0 2.1
 Housing Starts (mns)  1.72 1.65 1.45 1.41 1.29 1.21 1.20 1.27 1.34 1.37 1.40 1.43 1.56 1.24 1.38 -- -- --
 Real Output per hour** (y/y) -1.0 -2.5 -1.5 -1.8 -1.0 0.0 0.0 -0.1 1.1 1.6 1.8 1.9 -1.7 -0.3 1.6 -1.8 -0.1 1.9

Economic Indicators: G7 & Europe

*Share of 2019 world gross domestic product (GDP) at PPP.
Forecast as at March 2023.
Source: National statistics agencies, TD Economics.
    2021 2022 2023F 2024F
Real GDP (annual per cent change)
G7 (30.1%)* 5.3 2.3 0.8 0.9
  U.S. 5.9 2.1 1.3 1.0
  Japan 2.2 1.0 1.1 1.2
  Euro Area 5.3 3.5 0.6 0.5
  Germany 2.6 1.9 -0.1 0.7
  France 6.8 2.6 0.4 0.6
  Italy 7.0 3.8 0.4 0.4
  United Kingdom 7.6 4.0 -0.5 0.8
  Canada 5.0 3.4 0.8 0.4
Consumer Price Index (annual per cent change)
G7 3.3 7.3 4.7 2.1
  U.S. 4.7 8.0 4.7 2.5
  Japan -0.2 2.5 2.1 1.2
  Euro Area 2.6 8.4 5.6 2.3
  Germany 3.2 8.7 6.1 2.4
  France 2.1 5.9 5.2 2.3
  Italy 1.9 8.7 6.7 2.2
  United Kingdom 2.6 9.1 6.1 2.2
  Canada 3.4 6.8 3.7 2.3
Unemployment Rate (per cent annual averages)
  U.S. 5.4 3.6 3.6 4.5
  Japan 2.8 2.6 2.4 2.4
  Euro Area 7.7 6.7 7.1 7.7
  Germany 5.7 5.3 5.7 5.9
  France 7.8 7.3 7.5 7.9
  Italy 9.5 8.1 8.5 9.0
  United Kingdom 4.5 3.7 4.4 4.7
  Canada 7.5 5.3 5.5 6.4
 

Global Economic Outlook

[Annual Per Cent Change Unless Otherwise Indicated]

Annual Per Cent Change Unless Otherwise Indicated
*Share of world GDP on a purchasing-power-parity (PPP) basis.
Forecast as at March 2023. **Forecast for India refers to fiscal year.
Source: IMF, TD Economics
2019 Share* Forecast
Real GDP (%) 2022 2023 2024
World 100.0 3.3 2.8 2.7
North America 19.2 2.3 1.3 1.0
   United States 15.8 2.1 1.3 1.0
   Canada 1.4 3.4 0.8 0.4
   Mexico 1.9 3.1 1.3 1.6
European Union (EU-28) 15.4 3.6 0.7 0.8
   Euro Area (EU-19) 12.5 3.5 0.6 0.5
        Germany 3.5 1.9 -0.1 0.7
        France  2.4 2.6 0.4 0.6
        Italy 2.0 3.8 0.4 0.4
   United Kingdom 2.4 4.0 -0.5 0.8
   EU accession members 2.9 4.3 0.3 2.0
Asia 43.2 3.5 4.4 4.3
   Japan 4.1 1.0 1.1 1.2
   Asian NIC's 3.5 2.0 2.2 2.9
        Hong Kong 0.3 -3.5 2.8 2.9
        Korea 1.7 2.6 1.9 3.0
        Singapore  0.4 3.6 2.1 2.7
        Taiwan 0.9 2.5 2.6 2.9
   Russia 3.1 -2.2 -0.6 1.8
   Australia & New Zealand 1.2 3.5 2.0 2.0
Emerging Asia 31.4 4.6 5.7 5.2
        ASEAN-5 5.7 5.9 5.0 5.1
        China 17.3 3.0 5.7 4.6
        India** 7.1 7.3 6.1 6.8
Central/South America 5.6 4.2 1.1 2.2
   Brazil 2.4 3.0 1.0 2.0
Other Emerging Markets 13.0 3.2 3.4 3.1
Other Advanced 1.1 3.6 1.9 2.1

Long-Term U.S. Economic Outlook

[Period-Over-Period Annualized Per Cent Change Unless Otherwise Indicated]

*Intellectual property products. F: Forecast by TD Economics as at March 2023.
**Non-farm business sector.
Source: Bureau of Labor Statistics, Bureau of Economic Analysis, Census Bureau, TD Economics.
Economic Indicator Annual Average Fourth Quarter / Fourth Quarter
22 23F 24F 25F 26F 27F 28F 22 23F 24F 25F 26F 27F 28F
 Real GDP 2.1 1.3 1.0 1.9 2.0 1.8 1.8 0.9 0.6 1.4 2.1 1.9 1.8 1.8
 Consumer Expenditure 2.8 1.5 0.7 1.6 1.9 1.9 1.9 1.8 1.0 1.1 1.8 1.9 1.9 1.9
Durable Goods             -0.5 -1.1 -1.4 1.8 3.3 3.2 3.0 0.5 -1.6 0.1 2.7 3.4 3.1 3.1
 Business Investment 3.8