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. GDP Growth Rate in Canada averaged 0.78 percent from 1961 until 2019, 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.

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. Looking forward, we estimate GDP Growth Rate in Canada to stand at 0.30 in 12 months time. In the long-term, the Canada GDP Growth Rate is projected to trend around 0.60 percent in 2020, according to our econometric models.

Canada GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-11-30 01:30 PM GDP Growth Rate QoQ Q3 0.5% 0.7% 0.3%
2019-03-01 01:30 PM GDP Growth Rate QoQ Q4 0.1% 0.5% 0.4%
2019-05-31 12:30 PM GDP Growth Rate QoQ Q1 0.1% 0.1% 0.5%
2019-08-30 12:30 PM GDP Growth Rate QoQ Q2 0.9% 0.1% 0.4%
2019-11-29 01:30 PM GDP Growth Rate QoQ Q3 0.9% 0.2%



Canada Q2 GDP Growth Strongest 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.

Exports increased 3.2 percent, boosted by sales of goods which rose 3.7 percent, following declines in the previous two quarters, namely energy products (5.9 percent), farm and fishing products (15.2 percent), non-metallic minerals (19 percent, the sharpest upturn since the third quarter of 2016), aircraft and related engines and parts (10 percent). Also, exports of services went up 1.1 percent, the same pace as in Q1, as exports of travel services (2.4 percent)

Import declined 1 percent, after a 2.1 percent gain  in the first three months of the year, mainly due to purchases of aircraft and associated engines and parts (-32.1 percent), pharmaceuticals and medicinal products (-3.9 percent) and communication and audio and video equipment (-6.7 percent). Meanwhile, imports of energy products rebounded 7.8 percent, following a 4.2 percent fall in prior period and purchases of motor vehicles and parts slowed to 1.4 percent. Additionally, imports of services dropped 1.8 percent, largely owing to a 4.0 percent decline in transportation services.

Household spending growth slowed to 0.1 percent from 0.7 percent in the first quarter. Outlays on durable goods fell 0.3 percent, largely as a result of a 1.4 percent decline in purchases of vehicles. Outlays on semi-durable goods eased to 0.3 percent; those on non-durable goods edged down 0.1 percent, after a 0.8 percent rise and those on services advanced 0.3 percent, easing from a 0.5 percent gain.

Following five consecutive quarterly contractions, housing investment went up 1.4 percent, as increases in multi-dwelling investments and conversions led the growth in new home construction (+0.9 percent). Higher resale activities boosted growth in ownership transfer costs (+3.8 percent), while renovation activities increased 0.7 percent.

Business investment fell 1.6 percent, mainly due to non-residential structures and machinery and equipment (-4.3 percent), of which machinery and equipment investment (-9.3 percent), in particular aircraft and other transportation equipment (-61.1 percent). On the other hand, investment in computers and related equipment rose 7.7 percent, rebounding from a 1.7 percent decrease. Growth in business investment in non-residential buildings slowed to 1.1 percent, while investment in engineering structures went down 1.0 percent, the sixth consecutive quarterly decline. Business investment in intellectual property products advanced 0.6 percent, recovering from a 1.3 percent fall.


Statistics Canada | Stefanie Moya | stefanie.moya@tradingeconomics.com
8/30/2019 1:22:12 PM


News

Canada GDP Growth Remains Steady at 0.1% in Q1
The Canadian economy advanced 0.1 quarter-on-quarter in the first quarter of 2019, the same growth rate as the fourth quarter of 2018 which is the lowest since Q2 2016. The expansion was driven by household spending and fixed investment but moderated by declines in exports and housing investment. Expressed at an annualized rate, real GDP increased 0.4 percent in the first quarter, above a downwardly revised 0.3 percent growth in the previous period but below market expectations of 0.7 percent.
Published on 2019-05-31

Canada Q4 GDP Growth Slows to 0.1% QoQ
The Canadian economy advanced 0.1 percent quarter-on-quarter in the fourth quarter of 2018, slowing from a 0.5 percent expansion in the previous period. It was the weakest growth rate since the second quarter of 2016, as real gross national income fell, largely owing to lower export prices of crude oil and crude bitumen and final domestic demand shrank. Expressed as an annualized rate, the GDP expanded 0.4 percent, following a 2 percent gain in the third quarter and well below market expectations of 1.2 percent.
Published on 2019-03-01

Canada GDP Growth Slows to 0.5% in Q3
The Canadian economy grew 0.5 percent quarter-on-quarter in the third quarter of 2018, following a 0.7 percent expansion in the previous period. The slowdown was mainly due to lower household spending. Expressed as an annualized rate, the GDP advanced 2.0 percent, easing from a 2.9 percent growth in the second quarter and in line with market expectations.
Published on 2018-11-30

Canada GDP Expands 0.7% in Q2
The Canadian economy advanced 0.7 percent on quarter in the second quarter of 2018, following an upwardly revised 0.4 percent growth in the previous period. It is the strongest growth rate in a year amid higher household spending and exports of energy, pharmaceutical products and business jets. Expressed at an annualized rate, the GDP grew 2.9 percent, well above 1.4 percent in the first quarter but slightly below market expectations of 3 percent.
Published on 2018-08-30



Canada GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.90 0.10 3.10 -2.30 percent [+]
GDP Annual Growth Rate 1.60 1.40 9.30 -4.10 percent [+]
GDP Growth Annualized 3.70 0.50 12.60 -9.10 percent [+]
GDP 1709.30 1646.90 1842.02 40.77 USD Billion [+]
GDP Constant Prices 2085470.00 2066571.00 2085470.00 343571.00 CAD Million [+]
Gross National Product 2272620.00 2225712.00 2272620.00 39924.00 CAD Million [+]
Gross Fixed Capital Formation 426101.00 433466.00 473052.00 57964.00 CAD Million [+]
GDP per capita 51357.80 51126.20 51357.80 17665.10 USD [+]
GDP per capita PPP 44051.05 43852.42 44051.05 30264.47 USD [+]
GDP From Agriculture 42265.00 42340.00 42340.00 23668.00 CAD Million [+]
GDP From Construction 137465.00 138380.00 147533.00 71290.00 CAD Million [+]
GDP From Manufacturing 202491.00 202774.00 218407.00 162048.00 CAD Million [+]
GDP From Mining 148819.00 154144.00 156024.00 99564.00 CAD Million [+]
GDP From Public Administration 132427.00 132170.00 132427.00 82547.00 CAD Million [+]
GDP From Services 1394150.00 1389969.00 1394150.00 753366.00 CAD Million [+]
GDP From Transport 88815.00 89271.00 89574.00 51402.00 CAD Million [+]
GDP From Utilities 43436.00 42814.00 43857.00 31420.00 CAD Million [+]


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. This page provides - Canada GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on October of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.90 0.10 3.10 -2.30 1961 - 2019 percent Quarterly




Country Last Previous
Indonesia 4.20 Jun/19
South Africa 3.10 Jun/19
United States 2.00 Jun/19
China 1.60 Jun/19
Turkey 1.20 Jun/19
India 1.00 Jun/19
South Korea 1.00 Jun/19
Canada 0.90 Jun/19
Singapore 0.60 Sep/19
Australia 0.50 Jun/19
Brazil 0.40 Jun/19
Netherlands 0.40 Jun/19
Spain 0.40 Jun/19
France 0.30 Jun/19
Japan 0.30 Jun/19
Switzerland 0.30 Jun/19
Euro Area 0.20 Jun/19
Russia 0.20 Jun/19
Italy 0.00 Jun/19
Mexico 0.00 Jun/19
Saudi Arabia 0.00 Mar/19
Germany -0.10 Jun/19
United Kingdom -0.20 Jun/19
Argentina -0.30 Jun/19


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