The Canadian economy expanded at a record 8.9% on quarter in Q3 2020, following a record 11.3% drop in the previous period, reflecting reopening of the economy, with substantial upturns in housing investment, household spending on durable goods, and exports. These upturns were influenced by favourable mortgage rates, governments' continued support to households and businesses affected by the pandemic, and growth in major trading partners' economies in the third quarter. On an annualized basis, the economy surged 40.5%. Household spending rebounded 13%, due to purchases of new trucks, vans, sport utility, used motor vehicles and new passenger cars and food and beverages services. Housing investment rose at a record 30.2%, and exports surged 14.5%, notably to the US, the UK, Germany, Italy and France. However, the GDP was still 5.2% lower than in the same quarter last year. source: Statistics Canada
GDP Growth Rate in Canada averaged 0.75 percent from 1961 until 2020, reaching an all time high of 8.90 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 February of 2021.
GDP Growth Rate in Canada is expected to be 4.30 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 2.10 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.