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02/12/2009 -
The latest gross domestic product figures from Statistics Canada show that the country has emerged from the recession, led primarily by consumer spending and domestic demand - encouraging news for businesses that had been waiting for their payment processing activity to return to normal levels.Statistics Canada reported this week that real GDP increased by 0.1 percent in the third quarter, representing the first quarterly gain since the third quarter of 2008. In addition, real GDP increased by 0.4 percent in September.
This advancement was largely fueled by consumer spending, which increased 0.8 percent in the third quarter - the largest increase since the fourth quarter of 2007. In addition, purchasing power, or real gross domestic income, grew by 0.8 percent in the third quarter, while the personal savings rate fell slightly.
The domestic economy and the healthy credit card processing activity of Canadian consumers made the largest difference in GDP growth, say economists.
"Canada didn't have the credit problems that they had in the U.S. and elsewhere," Diana Petramala, an economist at TDEconomics, told CanWest News Service. "That allowed Canadian businesses and consumers to take advantage of low borrowing rates that other countries couldn't capitalize on."
Merchants are encouraged to capitalize on this trend of increased domestic demand by making their POS terminals and other payment processing infrastructure as up-to-date and convenient as possible.
