The Canadian economy unexpectedly shrank 0.3% on quarter in Q2 2021, ending three straight quarters of expansion mostly due to a decline in home resale activities and exports. So-called home ownership transfer costs shrank 17.7%, including all costs associated with the transfer of a residential asset from one owner to another. Meanwhile, international supply chain disruptions have constrained imports of parts mostly for the auto sector and led to a 4% decrease in exports. On a positive note, business inventories, government expenditure, business investment in machinery and equipment, and investment in new home construction and renovation were all higher. On an annualized basis, the Canadian economy contracted 1.1%, compared to forecasts of a 2.5% expansion. source: Statistics Canada

GDP Growth Rate in Canada averaged 0.76 percent from 1961 until 2021, reaching an all time high of 9.10 percent in the third quarter of 2020 and a record low of -11.30 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 September of 2021.

GDP Growth Rate in Canada is expected to be 2.10 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 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
-0.30 1.40 9.10 -11.30 1961 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-12-01 01:30 PM Q3 8.9% -11.3% 10%
2021-03-02 01:30 PM Q4 2.3% 8.9% 1.5%
2021-06-01 12:30 PM Q1 1.4% 2.2% 3.8%
2021-08-31 12:30 PM Q2 -0.3% 1.4% 0.6%
2021-11-30 01:30 PM Q3 -0.3%
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News Stream
Canada GDP Back to Contraction in Q2
The Canadian economy unexpectedly shrank 0.3% on quarter in Q2 2021, ending three straight quarters of expansion mostly due to a decline in home resale activities and exports. So-called home ownership transfer costs shrank 17.7%, including all costs associated with the transfer of a residential asset from one owner to another. Meanwhile, international supply chain disruptions have constrained imports of parts mostly for the auto sector and led to a 4% decrease in exports. On a positive note, business inventories, government expenditure, business investment in machinery and equipment, and investment in new home construction and renovation were all higher. On an annualized basis, the Canadian economy contracted 1.1%, compared to forecasts of a 2.5% expansion.
2021-08-31
Canada GDP Growth Slows
The Canadian economy expanded 1.4% on quarter in the first three months of 2021, slowing from a downwardly revised 2.2% rise in the previous period but still marking the 3rd consecutive quarter of growth. Favourable mortgage rates, continued government transfers to households and businesses, and an improved labour market continued to support housing investment and household spending. Housing investment expanded 9.4% but rising input costs heightened construction costs. Also, household spending increased 0.7%, with the biggest increases seen for information processing equipment (+18.7%), major tools and equipment (+13.8%), and games, toys and hobbies (+25%). On the other hand, business investment in machinery and equipment fell 2.7%, because of a sharp decline in investment in aircraft (-98.7%), as a large number of used aircraft were disposed of through international exports. Export rose 1.5% and imports 1.1%.
2021-06-01
Canada GDP Grows 2.3% in Q4
The Canadian economy expanded 2.3 percent on quarter in the last three months of 2020, following a record 8.9 percent growth in the previous period supported mostly by a large change in business inventories, as well as increases in government final consumption expenditure, business investment in machinery and equipment, and housing investment. Meanwhile, household spending edged down 0.1 percent, after a 13.1 percent increase in Q3. Housing investment increased 4.3 percent, namely new construction (4.1 percent), renovations (4.8 percent) and ownership transfer costs (4.1 percent). Business investment in engineering structures rose 1.6 percent but investment in non-residential buildings fell 10.9 percent. Exports increased 1.2 percent while imports went up 2.6 percent. In 2020, real GDP shrank 5.4 percent, the most since comparable data become available in 1961, due to the coronavirus pandemic.
2021-03-02
Canada GDP Grows at Record 8.9% in Q3
The Canadian economy expanded at a record 8.9% on quarter in Q3 2020, following a record 11.3% drop in the previous period, reflecting reopening of the economy, with substantial upturns in housing investment, household spending on durable goods, and exports. These upturns were influenced by favourable mortgage rates, governments' continued support to households and businesses affected by the pandemic, and growth in major trading partners' economies in the third quarter. On an annualized basis, the economy surged 40.5%. Household spending rebounded 13%, due to purchases of new trucks, vans, sport utility, used motor vehicles and new passenger cars and food and beverages services. Housing investment rose at a record 30.2%, and exports surged 14.5%, notably to the US, the UK, Germany, Italy and France. However, the GDP was still 5.2% lower than in the same quarter last year.
2020-12-01

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.