The Canadian economy expanded 0.7% on quarter in Q3 2022, a fifth consecutive quarter of growth, and following a 0.8% increase in Q2. Growth in exports, non-residential structures, and business investment in inventories were moderated by declines in housing investment and household spending. Exports increased 2.1%, led by crude oil and bitumen, and farm and fishing products. Imports fell 0.4%, reflecting widespread declines in energy products, including crude oil, natural gas, and nuclear fuel. Also, accumulation of non-farm inventories was $46.8 billion, a record high, led by stocks in manufacturing, wholesale trade, and retail trade sectors. On the other hand, housing investment declined 4.1%, a second consecutive fall, coinciding with higher interest rates. Household spending edged down 0.3%, the first decline since Q2 2021, mainly due to expenditures on new trucks, vans and sport utility vehicles, furniture and furnishings, and pharmaceutical products. Also, services growth slowed. source: Statistics Canada
GDP Growth Rate in Canada averaged 0.76 percent from 1961 until 2022, reaching an all time high of 9.00 percent in the third quarter of 2020 and a record low of -10.90 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 2022.
GDP Growth Rate in Canada is expected to be 0.10 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 1.50 percent in 2023 and 2.00 percent in 2024, according to our econometric models.