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. source: Statistics Canada

GDP Growth Rate in Canada averaged 0.75 percent from 1961 until 2020, reaching an all time high of 8.90 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 December of 2020.

GDP Growth Rate in Canada is expected to be 4.30 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 2.10 in 12 months time. In the long-term, the Canada GDP Growth Rate is projected to trend around 2.70 percent in 2021 and 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
8.90 -11.30 8.90 -11.30 1961 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-02-28 01:30 PM Q4 0.1% 0.3% 0.1%
2020-05-29 12:30 PM Q1 -2.1% 0.1% -2.6%
2020-08-28 12:30 PM Q2 -11.5% -2.1% -12%
2020-12-01 01:30 PM Q3 8.9% -11.3% 10%
2021-03-01 01:30 PM Q4 8.9%
2021-05-28 12:30 PM Q1
2021-08-27 12:30 PM Q2
2021-12-01 01:30 PM Q3


News Stream
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
Canadian Economy Enters Recession
The Canadian economy shrank 11.5 percent on quarter in the three months to June 2020, the most on record following a 2.1 percent decline in the previous period and officially entering a recession as the COVID-19 pandemic hit the economy. Household spending tumbled at a record 13.1%, amid job losses and limited opportunities to spend due to closures of stores and restrictions on travel. In addition, business investment plunged 16.2%, the most since series began, reflecting limited construction activities, plant closures, low oil prices and heightened uncertainty. Also, government expenditure fell 2.7%, following a 0.3% contraction in Q1. Export dropped 18.4% and import went down 22.6%, as major trading partners' economies shrank owing to measures to contain the pandemic. Expressed at an annualized rate, real GDP slumped 38.7%, the most on record, after shrinking 8.2% in Q1 and compared with forecasts of a 39.6% plunge.
2020-08-28
Canadian Economy Shrinks the Most in 11 Years
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.
2020-05-29
Canada Q4 GDP Growth at 3-1/2-Year Low
The Canadian economy advanced 0.1 percent on quarter in the three months to December 2019, easing from a 0.3 percent expansion in the previous period. It was the weakest growth rate since Q2 2016, when the economy shrank 0.5 percent, amid several factors including pipeline shutdowns, unfavourable harvest conditions, rail transportation strikes and impacts from the United Auto Workers' strike in the US. Growth slowed mainly due to business investment (-0.8% vs 2% in Q3), as spending in machinery & equipment fell for the 3rd straight period (-3.6%), namely aircraft & other transportation equipment (-10.5%) and trucks & buses (-10.9%); and external trade, as export fell 1.3% and import decreased a softer 0.6%. Meanwhile, household consumption rose 0.5 percent, the same as in Q3. Expressed at an annualized rate, real GDP rose 0.3 percent in Q4, after expanding a downwardly revised 1.1 percent. Considering full 2019, the economy grew 1.6 percent, slowing from a 2 percent expansion in 2018.
2020-02-28

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.