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11-010-XIB |
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Economic events in February CanadaThe federal government released its fiscal year 2003-2004 budget, forecasting program spending increases of 11.5% or $14.3 billion, with the majority of funding directed at health, education and defence. Businesses received some tax breaks, including lower employment insurance premiums. The BC government tabled its budget, aiming to eliminate its $2.3 billion deficit by next year. Taxes were raised on tobacco, gasoline and property insurance. The Vancouver Port Authority announced a major expansion of its container terminals that will increase capacity by over 20%, with completion in 2005. WorldThe Bank of England cut its main interest rate by one-quarter of a percentage point to 3.75%, the lowest level in 48 years. Although the oil strike continued in Venezuela, production was restored to about 1.4 million barrels a day, about half of its normal pre-strike output. Severe winter weather hampered air and highway travel in most of the northeastern US around mid-month, while more major storms in the south caused further disruptions at month end.
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