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(CEP News) - A weaker Canadian dollar caused a spike in the amount of foreign investment made by Canadians in 2008, according to Statistics Canada.
Direct investment abroad by Canadians rose 24% in the year - the largest jump in 27 years - as a weaker loonie added about $82.8 billion to the overall Canadian direct investment position, StatsCan said. The Canadian dollar depreciated by 19% against the U.S. dollar over the year after reaching parity in late 2007, and slid 15% against the euro and 34% against the Japanese yen. The loonie was up 11% against the British pound, Statistics Canada noted. Canadian investment assets in the U.S. rose by $80.1 billion to $310.7 billion, $52.5 billion of which was due to the weakened Canadian dollar, StatsCan said. Meanwhile, foreign investment in Canada rose 3%, well below the average growth rate of 9% over the past 10 years. By Stephen Huebl,
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, edited by Sarah Sussman,
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