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.

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Canada GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-08-31 12:30 PM Q2 0.8% 0.8% 1%
2022-11-29 01:30 PM Q3 0.7% 0.8% 0.4%


Related Last Previous Unit Reference
GDP Growth Rate 0.70 0.80 percent Sep 2022
GDP Growth Annualized 2.90 3.20 percent Sep 2022
GDP Annual Growth Rate 3.90 4.70 percent Sep 2022
GDP Constant Prices 2189065.00 2173241.00 CAD Million Sep 2022
Gross National Product 2784500.00 2801076.00 CAD Million Sep 2022
Gross Fixed Capital Formation 460845.00 466815.00 CAD Million Sep 2022
GDP from Agriculture 46248.00 45870.00 CAD Million Sep 2022
GDP from Utilities 43811.00 44235.00 CAD Million Sep 2022
GDP from Transport 83014.00 82917.00 CAD Million Sep 2022
GDP from Services 1473425.00 1472812.00 CAD Million Sep 2022
GDP from Public Administration 142770.00 143085.00 CAD Million Sep 2022
GDP from Mining 161418.00 159557.00 CAD Million Sep 2022
GDP from Manufacturing 193681.00 193931.00 CAD Million Sep 2022
GDP from Construction 153337.00 152557.00 CAD Million Sep 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
0.70 0.80 9.00 -10.90 1961 - 2022 percent Quarterly

News Stream
Canada GDP Grows 0.7% in Q3
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.
2022-11-29
Canadian GDP Growth Steady at 0.8% in Q2
The GDP in Canada expanded by 0.8 percent on the quarter during the three months leading to June 2022, equaling the growth rate from the previous period to mark four consecutive quarters of growth. The accumulation of business inventories contributed the most to growth, seen in both in non-farm and farming inventory investments. Final consumption expenditure grew by 1.7 percent, with strong contributions from household spending on semi-durable goods (5.6 percent) and services (3.9 percent). On the other hand, net foreign demand contributed negatively to real GDP growth, as the substantial rise in imports (6.9 percent) outpaced the slight rebound for exports (2.6 percent). On an annualized basis, the economy expanded by 3.3 percent, missing expectations of a 4.4 percent growth.
2022-08-31
Canada GDP Growth Slows to 0.8% in Q1
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%.
2022-05-31