Canada minister: Economy, inflation on track despite weak exports

Tue May 27, 2014 12:43pm EDT
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OTTAWA May 27 (Reuters) - Canada's economy and inflation are performing well, despite weak exports, which are expected to pick up, Finance Minister Joe Oliver said on Tuesday.

"Overall I think the economy is moving in the right direction. We're looking to a (budget) surplus next year. There've been over 1 million jobs created, and growth is moving at a reasonable pace, and inflation is certainly well within the target range," Oliver told reporters. He added the hope that exports would speed up as the global economy strengthens and in particular as the U.S. economy continues to grow.

Regarding his announcement that Canada's large banks would provide no-cost accounts to 7 million low-income people, he said he was not concerned that they would recoup foregone revenues by charging higher-income customers more, since the banks are strong and profitable. (Reporting by Louise Egan; Writing by Randall Palmer; Editing by Chizu Nomiyama)