2017 Forecast of Prime Economic Indicators

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
Retail 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.