The Canadian economy expanded 2.3 percent on quarter in the last three months of 2020, following a record 8.9 percent growth in the previous period supported mostly by a large change in business inventories, as well as increases in government final consumption expenditure, business investment in machinery and equipment, and housing investment. Meanwhile, household spending edged down 0.1 percent, after a 13.1 percent increase in Q3. Housing investment increased 4.3 percent, namely new construction (4.1 percent), renovations (4.8 percent) and ownership transfer costs (4.1 percent). Business investment in engineering structures rose 1.6 percent but investment in non-residential buildings fell 10.9 percent. Exports increased 1.2 percent while imports went up 2.6 percent. In 2020, real GDP shrank 5.4 percent, the most since comparable data become available in 1961, due to the coronavirus pandemic. source: Statistics Canada
GDP Growth Rate in Canada averaged 0.76 percent from 1961 until 2020, reaching an all time high of 8.90 percent in the third quarter of 2020 and a record low of -11.40 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 2021.
GDP Growth Rate in Canada is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Canada to stand at 2.70 in 12 months time. In the long-term, the Canada GDP Growth Rate is projected to trend around 1.70 percent in 2022, according to our econometric models.