CARE's Forecast of Prime Economic Indicators
2016 Prime Economic Indicators Forecast
| Real GDP | Forecast Value | Residential Unit Sales | Growth Rate |
| -0.30% | 1.08% | ||
| Employment | Growth Rate | Housing Starts | Growth Rate |
| -1.51% | 0.32% | ||
| Hours Worked | Growth Rate | Housing Price | Growth Rate |
| -1.57% | -6.73% | ||
| Hourly Wage | Growth Rate | CPI | Growth Rate |
| -0.62% | 2.74% | ||
| All Numbers in this table represent annual growth rates for the year 2016 | |||
| Retai Sales | Growth Rate | ||
| 1.09% | |||
Note:
| Oil Price | Yearly Average (Brent USD) |
| 43.55 | |
| Oil Production | Yearly Average (bbls) |
| 6397585 |
The forecast was computed using a VAR model with Oil Price and Oil Production as exogenous variables. Values for the economic indicators are obtained from CANSIM (series numbers are available upon request). Residential Unit Sales and Housing Price were obtained from the Canadian Real Estate Association (CREA). All values are nominal except Real GDP. Forecasts assume monthly Oil Production to be approximately 6,319,615 bbls for 2016 and uses complete data as of December 31st, 2016.