The Canadian Press

2015-07-15 | BoC Interest Rate

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The Bank of Canada has cut its key interest rate for a second time this year, saying the economy needs additional monetary stimulus. That takes the rate down to half-a-per cent. The central bank has also slashed its economic outlook and is predicting a pullback in the second quarter due to the impact of lower oil prices and weaker-than-expected exports. Bank of Canada governor Stephen Poloz says oil and gas output represents about 10 per cent of the economy and non-energy commodity production about eight per cent. (Poloz says the remaining 82 per cent of our economy is seeing steady growth of just over two per cent.)

Date: 2015-07-15
Placeline: OTTAWA.
Source: The Canadian Press
Length: 13 seconds

Transcript Prediction: << how to give you an idea of the size of the contraction in the oil and gas sector late last year that sector was growing a close to 3% and now it is running at - 7% >>