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End of NHL lockout to give economy small boost

People walk by a statue of former Montreal Canadiens' player Maurice Richard at the Bell Centre in Montreal, Jan. 6, 2013, the day the NHL and the NHLPA reached a tentative deal to end the league’s lockout.

Graham Hughes/THE CANADIAN PRESS

It will arguably mean more to hockey fans than the economy, but, at this point, every little bit counts.

The end of the National Hockey League lockout should put a small spark in Canada's slowing growth.

The NHL and its players struck a tentative deal early Sunday, saving at least part of the season and giving some relief to businesses, such as sports bars and others, that suffered a dip during the lockout.

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"Since a bit less than half the season looks to have been lost, the economic damage will be contained at less than 0.05 per cent of GDP," said deputy chief economist Douglas Porter of BMO Nesbitt Burns.

"That loss would have been fully absorbed by now, and we should see a slight bump in January growth – in the arts, entertainment and recreation category."

Indeed, according to the latest reading from Statistics Canada, output in those industries slipped 1.6 per cent in October.

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About the Author
Report on Business News Editor

Michael Babad is a Report on Business editor and co-author of three business books. He has been with Report on Business for several years, and has also been a reporter and editor at The Toronto Star, The Financial Post and United Press International. His articles have appeared in major newspapers around the world. More

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