The Canadian economy rebounded by 1.3% on quarter in 3Q 2021, following an upwardly revised 0.8% contraction in the previous period, underpinned by household spending and exports as pandemic restrictions were phased out. Final consumption expenditure advanced at a faster pace (2.9% vs 0.1% in Q2), mainly boosted by household spending (4.2% vs -0.1%) and spending of non-profit institutions serving households final expenditure (1.3% vs 0.6%), while government consumption decreased (-0.2% vs 0.7%). Net external demand also improved, as exports rose 1.9% (vs -4.5% in Q2) and imports edged down 0.6% (vs 0.5% in Q2). Still, gross fixed capital formation deteriorated further (-3.6% vs -0.5%) due to a significant decline in housing investments, which coupled with withdrawals of inventories capped some of the upward momentum. source: Statistics Canada

GDP Growth Rate in Canada averaged 0.76 percent from 1961 until 2021, reaching an all time high of 9.10 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 January of 2022.

GDP Growth Rate in Canada is expected to be 1.90 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 2022 and 0.80 percent in 2023, according to our econometric models.

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Canada GDP Growth Rate


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
1.30 -0.80 9.10 -11.30 1961 - 2021 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2021-08-31 12:30 PM Q2 -0.3% 1.4% 0.6%
2021-11-30 01:30 PM Q3 1.3% -0.8% 0.5%
2022-03-01 01:30 PM Q4 1.3%


Related Last Previous Unit Reference
GDP Growth Rate 1.30 -0.80 percent Sep/21
GDP Growth Annualized 5.40 -3.20 percent Sep/21
GDP Annual Growth Rate 4.00 11.80 percent Sep/21
GDP Constant Prices 2093927.00 2066339.00 CAD Million Sep/21
Gross National Product 2487916.00 2443296.00 CAD Million Sep/21
Gross Fixed Capital Formation 447648.00 464437.00 CAD Million Sep/21
GDP From Utilities 41947.00 41501.00 CAD Million Oct/21
GDP From Transport 74994.00 73616.00 CAD Million Oct/21
GDP From Services 1430031.00 1421004.00 CAD Million Oct/21
GDP From Public Administration 138267.00 139280.00 CAD Million Oct/21
GDP From Mining 164567.00 160569.00 CAD Million Oct/21
GDP From Manufacturing 186533.00 182592.00 CAD Million Oct/21
GDP From Construction 145828.00 143224.00 CAD Million Oct/21
GDP From Agriculture 35929.00 35122.00 CAD Million Oct/21


News Stream
Canada GDP Rebounds in Q3
The Canadian economy rebounded by 1.3% on quarter in 3Q 2021, following an upwardly revised 0.8% contraction in the previous period, underpinned by household spending and exports as pandemic restrictions were phased out. Final consumption expenditure advanced at a faster pace (2.9% vs 0.1% in Q2), mainly boosted by household spending (4.2% vs -0.1%) and spending of non-profit institutions serving households final expenditure (1.3% vs 0.6%), while government consumption decreased (-0.2% vs 0.7%). Net external demand also improved, as exports rose 1.9% (vs -4.5% in Q2) and imports edged down 0.6% (vs 0.5% in Q2). Still, gross fixed capital formation deteriorated further (-3.6% vs -0.5%) due to a significant decline in housing investments, which coupled with withdrawals of inventories capped some of the upward momentum.
2021-11-30
Canada GDP Back to Contraction in Q2
The Canadian economy unexpectedly shrank 0.3% on quarter in Q2 2021, ending three straight quarters of expansion mostly due to a decline in home resale activities and exports. So-called home ownership transfer costs shrank 17.7%, including all costs associated with the transfer of a residential asset from one owner to another. Meanwhile, international supply chain disruptions have constrained imports of parts mostly for the auto sector and led to a 4% decrease in exports. On a positive note, business inventories, government expenditure, business investment in machinery and equipment, and investment in new home construction and renovation were all higher. On an annualized basis, the Canadian economy contracted 1.1%, compared to forecasts of a 2.5% expansion.
2021-08-31
Canada GDP Growth Slows
The Canadian economy expanded 1.4% on quarter in the first three months of 2021, slowing from a downwardly revised 2.2% rise in the previous period but still marking the 3rd consecutive quarter of growth. Favourable mortgage rates, continued government transfers to households and businesses, and an improved labour market continued to support housing investment and household spending. Housing investment expanded 9.4% but rising input costs heightened construction costs. Also, household spending increased 0.7%, with the biggest increases seen for information processing equipment (+18.7%), major tools and equipment (+13.8%), and games, toys and hobbies (+25%). On the other hand, business investment in machinery and equipment fell 2.7%, because of a sharp decline in investment in aircraft (-98.7%), as a large number of used aircraft were disposed of through international exports. Export rose 1.5% and imports 1.1%.
2021-06-01