The GDP in Canada expanded 0.8% on quarter in the first three months of 2022, the weakest performance in three quarters, due to a 2.4% drop in international exports volumes, mostly energy products. Government spending also slowed as federal transfers to households continued to decline. Still, household spending rose 0.8%, a third consecutive quarterly increase, prompted by outlays on most goods and services even with limited capacity restrictions throughout Canada on in-person shopping and services. Also, investment in residential construction surged 4.3%, prompted by renovations (+9.3%), resale costs (+4.6%) and new construction (+0.2%). On an annualized basis, the economy expanded 3.1%, well below analysts' expectations of 5.4% and 6.6% in the previous period. The Bank of Canada in April projected second quarter growth at 6%. source: Statistics Canada
GDP Growth Rate in Canada averaged 0.76 percent from 1961 until 2022, reaching an all time high of 9 percent in the third quarter of 2020 and a record low of -11 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 June of 2022.
GDP Growth Rate in Canada is expected to be 0.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Canada GDP Growth Rate is projected to trend around 0.80 percent in 2023, according to our econometric models.