Auto sector to help Canadian economy less than in U.S., Mexico in Q2: Scotiabank

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TORONTO - Scotiabank says the global auto industry hit record-high output in the first months of 2014, despite a slow start in North America. The bank says production will ramp up in North America and elsewhere in the second quarter, providing significant economic lift for the United States and Mexico but minimal help for Canada. Scotiabank says Canadian output gains are being held back by retooling at a plant in the Toronto area and it estimates higher production in the auto sector will add only 0.2 percentage points to Canada's growth in the second quarter.

Organizations: Scotiabank

Geographic location: United States, Mexico, TORONTO North America Canada

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