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01/09/2009 -
Canadian businesses should start preparing for the economic recovery, because it may have already arrived.Statistics Canada announced this week that real gross domestic product (GDP) posted the first increase in 11 months, rising 0.1 percent in June.
Annualized real GDP, though still posting declines in the second quarter, constricted at a slower rate than in the first quarter - the second quarter decline of 3.4 percent was a significant improvement over the upwardly revised first quarter constriction of 6.1 percent, Bloomberg reported.
Perhaps most important for Canadian businesses is the fact that consumer spending improved, increasing 0.4 percent in the second quarter, Statistics Canada reported.
Final domestic demand also increased by 0.1 percent, despite a 0.5 percent decrease in real gross domestic income.
The Ottawa Citizen reported that the data confirms that the recession is ending, if not already over, as has been proclaimed by economists in recent weeks.
To make the most of the increased spending, and to position themselves for growth once the economy is back in full swing, businesses are encouraged to assess their ability to quickly, efficiently and safely accept payment cards - though seemingly a small consideration, this will mean the difference between businesses who soar ahead during the recovery and those who fall behind.
