Sentences with phrase «sector economic forecasts»

This makes sense if we are to continue to use the private sector economic forecasts for the fall Update and the Budget.

The average of the private sector economic forecasts was a decline of 1.2 per cent.

Instead, the government at that time decided to use the average of private sector economic forecasts rather than those produced by the Department of Finance even though E&Y had concluded that the Department's economic forecasts were consistently better than those in the private sector.

The Department's economic forecasts should be compared with the average private sector economic forecasts, with differences fully explained and justified.

We have consistently argued that the Government should use the Department of Finance's economic projections for budget planning and not the average of the private sector economic forecasts.

An average of private sector economic forecasts for a number of selected economic variables was used for budget planning purposes rather than the Department of Finance's economic forecast.

On October 25th, the Department of Finance released its October 2011 survey of private sector economic forecasts.

The Update incorporates the October 29, 2012 average of the private sector economic forecasts.

On February 1, 2011, the Department of Finance released its December 2010 survey of private sector economic forecasts.

Instead of using the average of the Department of Finance's survey of private sector economic forecasts, the PBO has developed its own economic forecast to derive its fiscal projections.

We have strongly recommended in the past that the Government use the Department of Finance's economic forecast rather than the average of the private sector economic forecasts (see «Time to Make the Budget Planning Process More Accountable, Transparent and Prudent» November 2010: www.3dpolicy.ca).

However, given the uncertainties caused by the financial crisis, the Harper Government introduced the «risk adjustment factor» in its October 2010 Update of Economic and Fiscal Projections, whereby the average of the private sector economic forecasts for nominal GDP was adjusted downwards for fiscal planning purposes.

The Government has continued the practice, first adopted by the Liberals in 1996, of using the average of the private sector economic forecasts for budget and fall update planning purposes.

Since 1995, budget planning has been based on the average of the private sector economic forecasts for a few selective major aggregate.

Budget 2013 continues to use the average of the private sector economic forecasts for budget planning purposes.

First, the each of the private sector organizations used their own forecasts of economic growth rather than the average of the private sector economic forecasts.

The Office of the Parliamentary Budget Officer (PBO) also uses the average of the private sector economic forecasts for their fiscal updates.

As part of the changes to the budgetary process in 1994, four private sector forecasting organizations [2] develop detailed fiscal projections on a National Accounts basis, based on the average of the private sector economic forecasts and the tax and spending policies in place at the time of the last budget for the next five years.

At times, the government has taken this into consideration and adjusted the average private sector economic forecasts, based on the Department of Finance's assessment of future economic developments.

The Update incorporates the October average private sector economic forecasts and an increased «adjustment for risk» for 2011 - 12 to 2013 - 14, as well as an increase in employment insurance rates of only 5 cents (employee rate) for 2012, rather than the 10 cents set in legislation As a result, the balanced budget target is delayed from 2014 - 15 to 2016 - 17, prior to the inclusion of the Targeted Strategic and Operating Review Savings (now called «Deficit Reduction Action Plan Saving Target»).

These include publishing: • Historical estimates and medium - term projections of the economy's potential GDP, as well as the methodology and assumptions used; • Medium - term projections of the Government's structural, or cyclically - adjusted budget balance as well as the methodology and assumptions used; • The assumptions, projections and methods to translate the private sector economic forecasts into its fiscal forecasts; and • The fiscal sustainability analyses of the provincial - territorial government sector that it prepared.

Table 3 shows the changes in the average private sector economic forecasts for nominal GDP (the most applicable tax base for budgetary revenues), and for short - and long - term interest rates, from the first estimate of the deficit to the final outcome.

The federal government continues to use the average private sector economic forecast for budget purposes.

Not exact matches

The sharp decline in energy prices in January 2016 forced market participants to re-evaluate not only economic and stock market forecasts but the solvency concerns of a key sector.

Hotel demand can be forecast using several leading and coincident economic indicators, including GDP growth, corporate profits, wage growth, employment growth in the leisure and hospitality sectors, and airline / vehicle miles.

As we have argued before (Time to Make the Budget Planning Process More Accountable, Transparent and Prudent — November 2010 www.3dpolicy.ca), we would strongly recommend that you use the Department of Finance's economic forecast rather than average of private sector forecasts, arguing that the Department's economic forecasts provide the most accurate basis for budget forecasting.

Although PBO surveys private sector economists on a regular basis, the economic forecasts used for their updates, since June 2011, are based on PBO's assessment of future economic developments and not those of the private sector economists.

Taking into account recent private sector forecasts for economic growth for 2015, would, in fact, eliminate the $ 1.4 billion budget surplus, as well as the $ 1 billion Contingency Reserve.

The use of the four private sector forecasting organizations to prepare fiscal projections for the fall update was discontinued with the September 2009 Update of Economic and Fiscal Projections.

These should be compared to the private sector average economic forecasts, with justifications provided for notable differences.

In addition, most private sector forecasters do not possess the models required to undertake comprehensive economic forecasts.

It has the most comprehensive econometric model to forecast economic developments, over both the short and long term, among any of the private sector economists surveyed.

The Department of Finance economic forecasts should be compared to those in the private sector.

Since the April Budget, private sector forecasters have revised down their forecasts of economic growth by about one percentage point.

The Ernst and Young report found that the Department of Finance's economic forecasts were as good if not better than those of the private sector economists.

We have argued in the past [1] that the Minister of Finance should use the Department of Finance's economic forecast instead of the average private sector forecast.

Of the fifteen private sector forecast institutions consulted by the Minister of Finance, only three prepare medium - term economic forecasts.

There is some acknowledgement of the global economic and geopolitical risks, with the result that the Government lowered the private sector forecast for nominal GDP by $ 10 billion in each year.

The average of the private sector forecasts forms the basis for the economic assumptions used for fiscal planning purposes in the budget and fall update.

Private sector forecasters, the IMF and the Bank of Canada have all revised down their forecasts of economic growth by about one percentage point.

Furthermore, we feel much more detail should be provided on the economic forecasts, including forecasts of the various components of national income and expenditure, and comparison to the private sector average, among others.

Private sector forecasters always forecast that the economy will recover strongly, partly because that is the way their economic models work, and partly because that is what their clients want to hear, including the Minister of Finance.

It is time that the Government took full responsibility for its economic forecast, instead of hiding behind the private sector.

We continue to argue that the Minister of Finance should use the Department of Finance's economic forecast instead of the average private sector forecast.

It also allows the Minister of Finance to hide behind the private sector forecasts rather than taking responsibility for the economic and fiscal forecasts.

This provides the reviewer with an assessment of the variability among the private sector forecasts; thereby providing a better basis to assess the economic forecast underlying the budget.

The Department of Finance's detailed economic forecasts should be used to prepare the fiscal forecasts, rather than using the average of private sector forecasts for a selected number of major aggregate.

The 2018 budget forecast is «based on an average of the December 2017 private sector economic outlook survey, and also reflects upside and downside risks, noted above, identified through ongoing engagement with survey participants.»

Currently the fall Update and the Budget economic forecasts are based on the average growth, inflation, interest rates and unemployment rate forecasts of a select group of private sector economic forecasters.

This would not preclude advice from the private sector forecasters, but the budget and fall update economic forecasts would no longer be based on private sector averages.