The economy in Canada shrank 13 percent over a year earlier in the second quarter of 2020, following a 0.9 percent decline in the previous period. It was the second consecutive contraction and the sharpest on record, officially entering recession as the coronavirus pandemic hit the economy. source: Statistics Canada

GDP Annual Growth Rate in Canada averaged 3.04 percent from 1962 until 2020, reaching an all time high of 9.30 percent in the first quarter of 1962 and a record low of -13 percent in the second quarter of 2020. This page provides - Canada GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada GDP Annual Growth Rate - values, historical data and charts - was last updated on October of 2020.

GDP Annual Growth Rate in Canada is expected to be -9.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Canada to stand at 12.00 in 12 months time. In the long-term, the Canada GDP Annual Growth Rate is projected to trend around 2.50 percent in 2021 and 1.90 percent in 2022, according to our econometric models.

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Canada GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-13.00 -0.90 9.30 -13.00 1962 - 2020 percent Quarterly

Canada GDP Last Previous Highest Lowest Unit
GDP Growth Rate -11.50 -2.10 3.10 -11.50 percent [+]
GDP Annual Growth Rate -13.00 -0.90 9.30 -13.00 percent [+]
GDP Growth Annualized -38.70 -8.20 12.60 -38.70 percent [+]
GDP 1736.43 1716.26 1847.21 40.46 USD Billion [+]
GDP Constant Prices 1820369.00 2057186.00 2101480.00 343577.00 CAD Million [+]
Gross National Product 1972932.00 2258920.00 2316408.00 39924.00 CAD Million [+]
Gross Fixed Capital Formation 376060.00 437942.00 473052.00 57964.00 CAD Million [+]
GDP per capita 51588.80 51476.20 51588.80 22843.60 USD [+]
GDP per capita PPP 49031.38 48924.40 49031.38 30891.62 USD [+]
GDP From Agriculture 42418.00 41764.00 42295.00 23668.00 CAD Million [+]
GDP From Construction 140552.00 139420.00 147533.00 71294.00 CAD Million [+]
GDP From Manufacturing 187217.00 175641.00 218222.00 141768.00 CAD Million [+]
GDP From Mining 123645.00 119979.00 159629.00 99558.00 CAD Million [+]
GDP From Public Administration 132968.00 131841.00 136365.00 82547.00 CAD Million [+]
GDP From Services 1330029.00 1291230.00 1415608.00 753361.00 CAD Million [+]
GDP From Transport 69153.00 65143.00 90204.00 51402.00 CAD Million [+]
GDP From Utilities 44920.00 43320.00 44920.00 31420.00 CAD Million [+]


Canada GDP Annual Growth Rate
In Canada, services account for more than 70 percent of GDP. Within services the most important are: finance, insurance, real estate, rental and leasing and management of companies and enterprises (21 percent of total GDP); retail and wholesale trade (12 percent), health (8 percent) and public administration (6 percent). Manufacturing accounts for 13 percent of the output and construction for 6 percent. Mining and oil and gas extraction constitute only 4 percent of GDP, yet Canada is a net exporter of energy. Finally, agriculture, forestry, fishing and hunting account for 2 percent of output. 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.