nominal

Persistent deflation has weighed on nominal gross domestic product growth, dragging on corporate profits and wage growth, MS said.

The penny’s demise comes as rising nominal price levels over the past two centuries have eroded the value and utility of the one-cent piece and as transactions shifted away from physical money.

At current levels of nominal GDP, that represents a hit of about C$50 billion.

"Even though it is a nominal charge people will have a grumble," he said.

The forecast also “embeds corporate revenue growth roughly in line with nominal GDP growth,” while a modest weakening of the U.S. dollar could also boost revenue somewhat.