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.
GDP Growth Rate in Canada averaged 0.71 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 -11.50 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 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 2.70 percent in 2021 and 1.70 percent in 2022, according to our econometric models.