The Canadian economy stalled from the previous quarter in Q4 of 2022, putting an end to five consecutive quarters of growth and following a 0.7% expansion in Q3. Inventory accumulation in the fourth quarter declined for manufacturing and retail goods, driving investment in inventories to decline by CAD 29.8 billion. Further, higher interest rates by the Bank of Canada hampered investment in housing (-2.3%), extending the decline for gross fixed capital formation (-0.7% vs -1.7% in Q3). On the other hand, consumption expenditure in the Canadian economy expanded by 0.5% (vs 0.3%), supported by both household consumption (0.5% vs -0.1%) and government expenditure (0.1% vs 0.6%). At the same time, net foreign demand contributed positively to GDP growth as exports grew by 0.2% while imports shrank by 3.2%. 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 March of 2023.
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 1.00 percent in 2024, according to our econometric models.