is not under the direct control of monetary policy, and it is not our objective. we target a 2 per cent inflation rate. that means that it is the outlook for overall inflationary pressure and related risks that matters most when we consider the appropriate stance for monetary policy. so even if only a few sectors were expanding enough to absorb the excess capacity in the aggregate economy, we would need to take the appropriate monetary policy action to meet our inflation target. so let us look at how the economy has been performing recently. signs that growth is broadening when we assess the extent to which the sources of growth are broadening, we look at the economy from a number of perspectives. these include the progress made in adjusting to lower oil prices, the range of industries that are growing and the evolution of the labour market. as i discuss each in turn, i will point to some signs that growth is broadening across regions and sectors, although not to the same extent. adjustment to lower oil prices let us start with the adjustment to lower oil prices. in 2015 and 2016, the starkest effects of the drop in oil prices on gdp were in business investment. firms in the oil and gas sector cut capital spending in half, shutting down oil rigs and cancelling investment plans. investment in the rest of the economy was also subdued, in part as a result of the weakness in non - commodity exports, especially last year. the economy kept growing, thanks to household spending, and activity was concentrated in regions where the energy sector was not as important. today, as we move past the adjustment to lower oil prices, we are seeing the economy pick up. a couple of weeks ago we got the national accounts data from statistics canada for the first quarter of this year. it was pretty impressive, with growth at 3. 7 per cent. and the figures show business investment growing again. this is in large part because capital expenditures in the oil and gas sector have bounced back. that is good news. that said, investment growth in this sector is likely to moderate if oil prices stay around where they are today. more generally, ongoing uncertainty about the policies of the us administration is weighing on investment plans. and, given how business investment has declined in the past two years, we flagged it as one of the downside risks to the outlook in our april monetary policy report. growth in the first quarter was also fuelled by the usual suspects — consumer spending and residential investment. however, growth in the housing sector is

mark carney : bank note launch remarks by mr mark carney, governor of the bank of canada, to the mars discovery district, toronto, ontario, 14 november 2011. * * * it is a great pleasure to be here in the mars discovery district, where science and innovation meet. i am here to announce the issue of the new $ 100 bank note which is available, as of today, in banks across the country. we are very proud of our innovative polymer bank notes. they are more secure, more economical, and better for the environment than any we have issued previously. these notes are also potent symbols of our rich heritage. the design of the $ 100 bank note celebrates canadian innovation in medical research, including the discovery of insulin to treat diabetes. we are honoured to issue this note on the site where banting and best conducted their groundbreaking research almost a century ago. many forget that diabetes was once a death sentence. the discovery of insulin changed that. it was at that desk, sir frederick banting ’ s desk, where science and innovation met and the lives of hundreds of millions of people changed. today ’ s date is no coincidence. november 14 is world diabetes day and the 120th anniversary of sir frederick banting ’ s birth. this $ 100 note is a tribute to canadian researchers who have left their mark in many areas. allow me to mention the transformational work of john hopps, who invented the pacemaker in 1950. he developed this life - saving device at the university of toronto's banting institute, located across the street from here. this spirit of innovation carries on today and so the note also celebrates the scientists who continue to make our world a better place by improving the lives of many. here in mars, medical professionals are mapping the human genetic code as well as tackling some of the most daunting medical challenges of our time, including cancer and macular degeneration. these polymer notes don ’ t just celebrate innovation ; they are themselves at the frontier of bank note technology. they were developed by a team of physicists, chemists, engineers and other experts from the bank of canada and from across the bank note industry. there is no other currency like it anywhere in the world. these new notes contain a unique combination of transparency, holography and other sophisticated security elements. in addition to impressive security features to stay ahead of counterfeiting threats, these bank notes will last longer – at least two - and - a - half times