The Canadian economy shrank 2.1 percent on quarter in the first three months of 2020, after expanding 0.1 percent in the previous period. It was the sharpest contraction since Q1 2009, reflecting measures imposed in March to contain the coronavirus pandemic, including non-essential business closures, border shutdowns, and travel restrictions. Household spending dropped at a record 2.3%, amid job losses, income uncertainty, and limited opportunities to spend. Also, government expenditure fell 1 percent, the sharpest drop since Q1 2013, mainly due to school closures and curtailed government administration. In addition, business investment in machinery and equipment decreased for the 4th straight quarter (-3.5%). Exports fell 3% and imports dropped at a softer 2.8%, as major trading partners implemented similar public health measures. Expressed at an annualized rate, real GDP plunged 8.2 percent, the most since Q1 2009, after an upwardly revised 0.6 percent growth in the prior period.

GDP Growth Rate in Canada averaged 0.77 percent from 1961 until 2020, reaching an all time high of 3.10 percent in the fourth quarter of 1963 and a record low of -2.30 percent in the first quarter of 2009. 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 July of 2020. source: Statistics Canada

GDP Growth Rate in Canada is expected to be 9.00 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 1.90 in 12 months time. In the long-term, the Canada GDP Growth Rate is projected to trend around 1.50 percent in 2021 and 1.70 percent in 2022, according to our econometric models.

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Canada GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.10 0.10 3.10 -2.30 1961 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-08-30 12:30 PM Q2 0.9% 0.1% 0.4%
2019-11-29 01:30 PM Q3 0.3% 0.9% 0.2%
2020-02-28 01:30 PM Q4 0.1% 0.3% 0.1%
2020-05-29 12:30 PM Q1 -2.1% 0.1% -2.6%
2020-08-28 12:30 PM Q2 -2.1% -15%
2020-12-01 01:30 PM Q3 9%


News Stream
Canadian Economy Shrinks the Most in 11 Years
The Canadian economy shrank 2.1 percent on quarter in the first three months of 2020, after expanding 0.1 percent in the previous period. It was the sharpest contraction since Q1 2009, reflecting measures imposed in March to contain the coronavirus pandemic, including non-essential business closures, border shutdowns, and travel restrictions. Household spending dropped at a record 2.3%, amid job losses, income uncertainty, and limited opportunities to spend. Also, government expenditure fell 1 percent, the sharpest drop since Q1 2013, mainly due to school closures and curtailed government administration. In addition, business investment in machinery and equipment decreased for the 4th straight quarter (-3.5%). Exports fell 3% and imports dropped at a softer 2.8%, as major trading partners implemented similar public health measures. Expressed at an annualized rate, real GDP plunged 8.2 percent, the most since Q1 2009, after an upwardly revised 0.6 percent growth in the prior period.
2020-05-29
Canada Q4 GDP Growth at 3-1/2-Year Low
The Canadian economy advanced 0.1 percent on quarter in the three months to December 2019, easing from a 0.3 percent expansion in the previous period. It was the weakest growth rate since Q2 2016, when the economy shrank 0.5 percent, amid several factors including pipeline shutdowns, unfavourable harvest conditions, rail transportation strikes and impacts from the United Auto Workers' strike in the US. Growth slowed mainly due to business investment (-0.8% vs 2% in Q3), as spending in machinery & equipment fell for the 3rd straight period (-3.6%), namely aircraft & other transportation equipment (-10.5%) and trucks & buses (-10.9%); and external trade, as export fell 1.3% and import decreased a softer 0.6%. Meanwhile, household consumption rose 0.5 percent, the same as in Q3. Expressed at an annualized rate, real GDP rose 0.3 percent in Q4, after expanding a downwardly revised 1.1 percent. Considering full 2019, the economy grew 1.6 percent, slowing from a 2 percent expansion in 2018.
2020-02-28
Canada GDP Growth Slows to 0.3% in Q3
The Canadian economy advance 0.3 percent on quarter in the three months to September 2019, slowing from a 0.9 percent expansion in the previous period. Growth was mainly driven by business investment and household spending. Expressed at an annualized rate, real GDP advanced 1.3 percent in the third quarter, easing from a 3.7 percent growth in the prior period but beating market consensus of 1.2 percent.
2019-11-29
Canadian Economy Grows the Most in 2 Years
The Canadian economy advanced 0.9 percent on quarter in the three months to June 2019, easing from a 0.1 percent expansion in the previous period. It was the strongest growth rate since the second quarter of 2017, as exports rose while domestic demand declined. Expressed at an annualized rate, real GDP expanded 3.7 percent in the second quarter, faster than a 0.5 percent growth in the first three months of the year and beating market forecasts of 3 percent.
2019-08-30

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.