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Auto sector to provide modest economic lift in second quarter: Scotiabank
TORONTO - Scotiabank says the April-June quarter will be the first time since 2007 that the North American vehicle production rate is above 16 million per year.
Automakers in Canada, the United States and Mexico produced 15.9 million vehicles last year, up from 13.11 million in 2011.
Scotiabank senior economist Carlos Gomes says the North American auto industry is on track to produce 16.5 million units this year.
However, Gomes says Canada's economy will only get a modest lift from the auto sector during the quarter, compared with the two other NAFTA countries.
He estimates the auto sector will add only one-tenth of a percentage point to Canadian economic growth during the quarter compared with a half a percentage point in the United States and nearly a full point in Mexico.
Gomes says Mexico will benefit from increased demand for pickup trucks, which account for about one-quarter of Mexican output.
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