Canada GDP Growth Rate
2023 Data – 2024 Forecast – 1961-2022 Historical – Calendar
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The Canadian economy stalled from the previous quarter in Q4 of 2022, putting an end to five consecutive quarters of growth and following a 0.7% expansion in Q3.Inventory accumulation in the fourth quarter declined for manufacturing and retail goods, driving investment in inventories to decline by CAD 29.8 billion.Further, higher interest rates by the Bank of Canada hampered investment in housing (-2.3%), extending the decline for gross fixed capital formation (-0.7% vs -1.7% in Q3).On the other hand, consumption expenditure in the Canadian economy expanded by 0.5% (vs 0.3%), supported by both household consumption (0.5% vs -0.1%) and government expenditure (0.1% vs 0.6%).At the same time, net foreign demand contributed positively to GDP growth as exports grew by 0.2% while imports shrank by 3.2%.
source:
Statistics Canada
GDP Growth Rate in Canada averaged 0.76 percent from 1961 until 2022, reaching an all time high of 9.00 percent in the third quarter of 2020 and a record low of -10.90 percent in the second quarter of 2020.This page provides – Canada GDP Growth Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news.Canada GDP Growth Rate – data, historical chart, forecasts and calendar of releases – was last updated on May of 2023.
GDP Growth Rate in Canada is expected to be -0.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.
In the long-term, the Canada GDP Growth Rate is projected to trend around 0.50 percent in 2024 and 1.00 //tradingeconomics.com/embed/?s=cge9qoq&v=202305291309v20230410&h=300&w=600&ref=/canada/gdp-growth’ height=’300′ width=’600′ frameborder=’0′ scrolling=’no’>
source: tradingeconomics.com
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Reference
Actual
Previous
Consensus
TEForecast
2022-11-29
01:30 PM
GDP Growth Rate QoQ
Q3
0.7%
0.8%
0.4%
2023-02-28
01:30 PM
GDP Growth Rate QoQ
Q4
0%
0.6%
0.4%
2023-05-31
12:30 PM
GDP Growth Rate QoQ
Q1
0%
0.4%
0.5%
Related
Last
Previous
Unit
Reference
GDP Growth Rate
0.00
0.60
percent
Dec 2022
GDP Growth Annualized
0.00
2.30
percent
Dec 2022
GDP Annual Growth Rate
2.07
3.77
percent
Dec 2022
GDP Constant Prices
2185910.00
2185692.00
CAD Million
Dec 2022
Gross National Product
2747872.00
2777476.00
CAD Million
Dec 2022
Gross Fixed Capital Formation
453605.00
456630.00
CAD Million
Dec 2022
GDP from Utilities
42950.00
42710.00
CAD Million
Feb 2023
GDP from Transport
85633.00
85840.00
CAD Million
Feb 2023
GDP from Services
1490584.00
1489726.00
CAD Million
Feb 2023
GDP from Public Administration
145998.00
145652.00
CAD Million
Feb 2023
GDP from Mining
155323.00
155121.00
CAD Million
Feb 2023
GDP from Manufacturing
195053.00
195252.00
CAD Million
Feb 2023
GDP from Construction
153199.00
152687.00
CAD Million
Feb 2023
GDP from Agriculture
43106.00
43496.00
CAD Million
Feb 2023
Canada GDP Growth Rate
Canada’s economy is diversified and highly developed.
Foreign trade is responsible for about 45 percent of the nation’s GDP and the United States is by far the largest trade partner.On the expenditure side, household consumption is the main component of GDP and accounts for 58 percent of its total use, followed by gross fixed capital formation (22 percent) and government expenditure (19 percent).Exports of goods and services account for 32 percent of GDP while imports account for 33 percent, subtracting 1 percent of total GDP.Non-profit institutions serving households’ final consumption expenditure and investment in inventories account for the remaining 2 percent.
Actual
Previous
Highest
Lowest
Dates
Unit
Frequency
0.00
0.60
9.00
-10.90
1961 – 2022
percent
Quarterly
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News Stream
Canadian Economy Stalls in Q4
The Canadian economy stalled from the previous quarter in Q4 of 2022, putting an end to five consecutive quarters of growth and following a 0.7% expansion in Q3.
Inventory accumulation in the fourth quarter declined for manufacturing and retail goods, driving investment in inventories to decline by CAD 29.8 billion.Further, higher interest rates by the Bank of Canada hampered investment in housing (-2.3%), extending the decline for gross fixed capital formation (-0.7% vs -1.7% in Q3).On the other hand, consumption expenditure in the Canadian economy expanded by 0.5% (vs 0.3%), supported by both household consumption (0.5% vs -0.1%) and government expenditure (0.1% vs 0.6%).At the same time, net foreign demand contributed positively to GDP growth as exports grew by 0.2% while imports shrank by 3.2%.
2023-02-28
Canada GDP Grows 0.7% in Q3
The Canadian economy expanded 0.7% on quarter in Q3 2022, a fifth consecutive quarter of growth, and following a 0.8% increase in Q2.
Growth in exports, non-residential structures, and business investment in inventories were moderated by declines in housing investment and household spending.Exports increased 2.1%, led by crude oil and bitumen, and farm and fishing products.Imports fell 0.4%, reflecting widespread declines in energy products, including crude oil, natural gas, and nuclear fuel.Also, accumulation of non-farm inventories was $46.8 billion, a record high, led by stocks in manufacturing, wholesale trade, and retail trade sectors.
On the other hand, housing investment declined 4.1%, a second consecutive fall, coinciding with higher interest rates.Household spending edged down 0.3%, the first decline since Q2 2021, mainly due to expenditures on new trucks, vans and sport utility vehicles, furniture and furnishings, and pharmaceutical products.Also, services growth slowed.
2022-11-29
Canadian GDP Growth Steady at 0.8% in Q2
The GDP in Canada expanded by 0.8 percent on the quarter during the three months leading to June 2022, equaling the growth rate from the previous period to mark four consecutive quarters of growth.The accumulation of business inventories contributed the most to growth, seen in both in non-farm and farming inventory investments.
Final consumption expenditure grew by 1.7 percent, with strong contributions from household spending on semi-durable goods (5.6 percent) and services (3.9 percent).
On the other hand, net foreign demand contributed negatively to real GDP growth, as the substantial rise in imports (6.9 percent) outpaced the slight rebound for exports (2.6 percent).On an annualized basis, the economy expanded by 3.3 percent, missing expectations of a 4.4 percent growth.
2022-08-31
Related
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Canadian Industrial Prices Fall for 3rd Month
Raw Materials Prices in Canada Rise More than Expected
Canada Retail Sales Set to Rebound in April
Canadian New Home Prices Match Forecasts
Foreign Investment in Canadian Securities Sinks
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