Financial Performance and Digital Progress Update
Economic Outlook in Core Markets
REAL GDP (ANNUAL % CHANGE)
Forecast¹
Country
2010-20
Average
2021
2022
2023
2024
Q1
Q2
Q3E Q4F
Full
Year
Full
Q1F Q2F Q3F
Q4F
Year
Canada
1.6
5.0
3.4
2.1
==
1.1
0.7
0.9
1.2
0.4
0.6
0.7
1.1
0.7
U.S.2
1
2.0
5.8
1.9
1.7
2.4
2.9
21
2.1
2.2
1.5
1.0
0.3
0.6
0.8
Mexico²
1.3
5.7
3.9
3.5
3.4
3.3
3.2
3.5
3.8
4.0
2.4
2.1
3.1
Chile²
2.5
11.7
2.4
(0.7)
(0.8)
0.6
(0.1)
(0.5)
15
1.5
2.9
1.8
3.1
2.3
Peru²
3.1
13.4
2.7
(0.4)
(0.5)
(1.0)
1.0
(0.2)
1.5
2.8
3.0
1.9
2.3
Colombia²
2.7
11.0
7.3
3.0
0.4
(0.3)
2.2
1.8
2.5
2.7
2.4
2.8
2.6
PAC Average
2.4
10.5
4.1
1.4
14
0.6
0.7
1.6
1.2
2.3
3.1
2.4
2.5
2.6
1 Source: Scotia Economics. US and Canada forecast as of October 23, 2023, Pacific Alliance countries forecast as of November 3, 2023.
2 Q3/23 GDP data for US, Mexico, Chile, Peru & Colombia are advanced estimates as of November 24, 2023.
21
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