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.