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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Jun 20, 1981
Page
10
Statistics Canada reports Canada’s economy expanded 1 percent in Q1 1981 despite high interest rates and inflation. Prices rose 11.4 percent in the past year, the largest gain since 1975, while gross national product grew at an annual rate of about 4 percent, contrasting with minimal growth in the previous year.
National quarterly GDP rose 2.3 percent in the fourth quarter of 1980, the strongest since 1976, with a smaller 0.4 percent gain in the third quarter. Finance Minister Allan MacEachen praised the results, noting the economy’s resilience despite high interest rates and prior forecasts. The gain comes despite dividends paid to non residents affecting overall growth.
Ottawa via Industry Minister Herb Gray announces a five year extension of textile and clothing import quotas with 250 million dollars in modernization aid to plants and laid off workers. The government aims to keep employment near 1986 levels while phasing in changes as bilateral agreements expire with several countries.
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