1. Macro-economic Background 10

2. Macro-economic Background GDP per head: USD 40,440 (2011) OECD average USD 33,976 (2010) Annual GDP growth 2011: 2.5% OECD Average 2011: 1.8% Solid economic growth rates over past decade – has outperformed or matched US, EU27 and OECD averages Low national debt: 36% of GDP in 2010 OECD central government debt average close to 80% 11

3. 0 19971998199920002001200220032004200520062007200820092010 Real GDP % Growth 1997-2010 6 4 2 Canada EU27 total OECD total United States -2 -4 Source: OECD Stat (2012) -6 12