The Canadian economy grew by 0.8% in the first quarter of 2023, bouncing back from the stall in the previous period and well above market estimates of a 0.4% expansion. The result overshot the BoC’s forecast that growth would remain weak throughout the whole year, adding leeway for the resumption of its tightening cycle should inflation remain stubbornly elevated. Exports of goods and services advanced by 2.4%, accelerating from the 0.5% increase in Q4 amid a pickup in sales of automobiles, precious metals, and grains. Imports edged up at a slower 0.2% as higher imports of energy offset lower purchases of automobiles, precious metals, and clothing. In the meantime, household consumption expanded for both goods (1.5%) and services (1.3%), gaining traction after two quarters of minimal growth. On the other hand, housing (-3.9%) and business investments (-2.5%) both declined, largely due to higher interest rates from the BoC. On an annualized basis, the GDP expanded by 3.1%. source: Statistics Canada

GDP Growth Rate in Canada averaged 0.76 percent from 1961 until 2023, 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 August of 2023.

GDP Growth Rate in Canada is expected to be 0.00 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 percent in 2025, according to our econometric models.

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Canada GDP Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-02-28 01:30 PM Q4 0% 0.6% 0.4%
2023-05-31 12:30 PM Q1 0.8% 0% 0.4% 0.5%
2023-09-01 12:30 PM Q2 0.8% 0.3% 0.1%


Related Last Previous Unit Reference
GDP Growth Rate 0.80 0.00 percent Mar 2023
GDP Growth Annualized 3.10 -0.10 percent Mar 2023
GDP Annual Growth Rate 2.21 2.07 percent Mar 2023
GDP Constant Prices 2202921.00 2185910.00 CAD Million Mar 2023
Gross National Product 2776624.00 2744884.00 CAD Million Mar 2023
Gross Fixed Capital Formation 450484.00 451535.00 CAD Million Mar 2023
GDP from Utilities 43175.00 43143.00 CAD Million May 2023
GDP from Transport 86823.00 86981.00 CAD Million May 2023
GDP from Services 1498426.00 1491310.00 CAD Million May 2023
GDP from Public Administration 146716.00 144716.00 CAD Million May 2023
GDP from Mining 155302.00 159940.00 CAD Million May 2023
GDP from Manufacturing 199416.00 196244.00 CAD Million May 2023
GDP from Construction 150514.00 151683.00 CAD Million May 2023
GDP from Agriculture 41608.00 42064.00 CAD Million May 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
0.80 0.00 9.00 -10.90 1961 - 2023 percent Quarterly

News Stream
Canada GDP Growth Stronger Than Expected
The Canadian economy grew by 0.8% in the first quarter of 2023, bouncing back from the stall in the previous period and well above market estimates of a 0.4% expansion. The result overshot the BoC’s forecast that growth would remain weak throughout the whole year, adding leeway for the resumption of its tightening cycle should inflation remain stubbornly elevated. Exports of goods and services advanced by 2.4%, accelerating from the 0.5% increase in Q4 amid a pickup in sales of automobiles, precious metals, and grains. Imports edged up at a slower 0.2% as higher imports of energy offset lower purchases of automobiles, precious metals, and clothing. In the meantime, household consumption expanded for both goods (1.5%) and services (1.3%), gaining traction after two quarters of minimal growth. On the other hand, housing (-3.9%) and business investments (-2.5%) both declined, largely due to higher interest rates from the BoC. On an annualized basis, the GDP expanded by 3.1%.
2023-05-31
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