B.C. is a very diversified economy, with strength in the high-tech industries, expanding natural gas and base metal sectors and booming non-residential construction. However, slowing exports in the province's key forest products sector will likely hold back gains in employment and vehicle sales in 2006.

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In Ontario, job losses in manufacturing have accelerated in recent months alongside announced layoffs in the key auto sector. However, Ontario's economy is well diversified and strength in the service sector, which accounts for more than 70% of overall employment and economic activity, should support vehicle sales of about 590,000 units in 2006 - in line with the average of the past two years.

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Going forward, [sales] volumes will be dampened by high gasoline prices and other energy costs, now absorbing a record share of disposable income.

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We moved down to 16.3 million in North America in '05, and I'm expecting about 16 million for 2006, so that's probably one of the main reasons.

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Household income in India is advancing at a double-digit pace and estimates suggest that 24 million households will be able to afford a new car by 2007.

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Energy and interest costs now absorb a record one-quarter of overall household disposable income.

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