The Canadian economy grew 4.5% over a month earlier in May 2020, recovering from an upwardly revised record 11.7% contraction in April and beating market expectations of a 3.5% expansion. It was the strongest growth in economic activity since series began, amid the easing of coronavirus lockdown restrictions. Both goods-producing (+8%) and services-producing industries (+3.4%) were up, as 17 of 20 industrial sectors posted increases. Construction increased 17.6% as all types of construction activities expanded and retail trade grew at the sharpest pace on record (+16.4%) as 11 of the 12 subsectors were up, namely motor vehicle & parts dealers (+68.6%), clothing (+94.8%) and sporting goods, book and music stores (+98.2%) bounced back. In addition, the manufacturing sector grew 7.4% and wholesale activity rebounded (+6%), following three months of contraction. The national statistical office provided a preliminary estimate of a 5 percent expansion in real GDP in June.

Leading Economic Index in Canada averaged 0.15 percent from 1997 until 2020, reaching an all time high of 4.50 percent in May of 2020 and a record low of -11.70 percent in April of 2020. This page provides the latest reported value for - Canada GDP MoM - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Canada GDP MoM - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Statistics Canada

Leading Economic Index in Canada is expected to be -0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Leading Economic Index in Canada to stand at 0.50 in 12 months time. In the long-term, the Canada GDP MoM is projected to trend around 0.40 percent in 2021, according to our econometric models.

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Canada GDP MoM

Actual Previous Highest Lowest Dates Unit Frequency
4.50 -11.70 4.50 -11.70 1997 - 2020 percent Monthly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-04-30 12:30 PM Feb 0% 0.2% 0.1% 0.1%
2020-05-29 12:30 PM Mar -7.2% 0.1% -9% -9%
2020-06-30 12:30 PM Apr -11.6% -7.5% -13% -11%
2020-07-31 12:30 PM May 4.5% -11.7% 3.5% 3%
2020-08-28 12:30 PM Jun 4.5% 5%
2020-09-30 12:30 PM Jul -1.5%
2020-10-30 12:30 PM Aug -0.8%
2020-12-01 01:30 PM Sep -0.5%


News Stream
Canadian Economy Recovers at Record Pace
The Canadian economy grew 4.5% over a month earlier in May 2020, recovering from an upwardly revised record 11.7% contraction in April and beating market expectations of a 3.5% expansion. It was the strongest growth in economic activity since series began, amid the easing of coronavirus lockdown restrictions. Both goods-producing (+8%) and services-producing industries (+3.4%) were up, as 17 of 20 industrial sectors posted increases. Construction increased 17.6% as all types of construction activities expanded and retail trade grew at the sharpest pace on record (+16.4%) as 11 of the 12 subsectors were up, namely motor vehicle & parts dealers (+68.6%), clothing (+94.8%) and sporting goods, book and music stores (+98.2%) bounced back. In addition, the manufacturing sector grew 7.4% and wholesale activity rebounded (+6%), following three months of contraction. The national statistical office provided a preliminary estimate of a 5 percent expansion in real GDP in June.
2020-07-31
Canadian Economy Shrinks at Record Pace in April
The Canadian economy shrank 11.6 percent over a month earlier in April 2020, following a 7.5 percent contraction in the previous month and compared with market expectations of a 13 percent decline. It was the sharpest contraction on record, as April marked the first full month of coronavirus lockdown measures. All 20 industrial sectors of the Canadian economy were down, in particular manufacturing (-22.5%); construction (-22.9%); retail trade (-22.9%); transportation & warehousing (-23.1%); accommodation & food services (-42.4%); and wholesale trade (-17.9%). Also, the public sector fell 7.7%, of which health care (-10.4%), educational services (-8.6%); and public administration (-4.3%). Additionally, output shrank in real estate (-3.5%); mining, quarrying & oil (-9.4%); finance & insurance (-1%); and utilities (-1.8%). The national statistical office also provided a preliminary estimate of a 3 percent expansion in real GDP in May, amid the easing of covid-19 restrictions.
2020-06-30
Canadian Economy Contracts at Record Pace in March
The Canadian economy shrank 7.2 percent over a month earlier in March 2020, after expanding an upwardly revised 0.1 percent growth in the previous month, but below market expectations of a 9 percent decline. It was the steepest contraction on record, as the coronavirus pandemic hit the economy. Services-producing industries declined 8.1 percent, after stalling in February, as both accommodation & food (-36.9%) and retail trade (-9.6%) dropped at a record pace. Additionally, the goods-producing industries shrank 4.6 percent, following a 0.3 percent expansion in the prior month, as the manufacturing sector fell to its lowest level since the second half of 2016 (-6.5 percent) amid business closures due to the covid-19. The national statistical office also provided a preliminary estimate of a 11 percent contraction in real GDP in April.
2020-05-29
Canadian Economy Stalls in February
The Canadian economy stalled in February 2020, after expanding 0.2 percent in the previous month and below market expectations of a 0.1 percent growth. Services-producing industries remained essentially unchanged, following a 0.1 percent expansion in January, as educational services fell 1.8 percent, the biggest decline since June 2014, amid intensifying rotating strikes by Ontario elementary and secondary school teachers; and the transportation & warehousing sector shrank 1.1 percent due to rail blockades across many parts of the country and a train derailment near Saskatoon. Meanwhile, goods-producing industries rose 0.1 percent, after growing 0.5 percent, as the majority of the sectors expanded. The national statistical office said that the full disruptive effect of social distancing, lockdowns, and business closures will be reflected notably in March and subsequent reference months.
2020-04-30

Canada GDP MoM
In Canada, Leading Economic Index refers to GDP Growth MoM which measures the change in the value of the goods and services produced by the country economy compared to the previous month.