The Canadian economy grew by 0.8% in the first quarter of 2023, bouncing back from the stall in the previous period and well above market estimates of a 0.4% expansion. The result overshot the BoC’s forecast that growth would remain weak throughout the whole year, adding leeway for the resumption of its tightening cycle should inflation remain stubbornly elevated. Exports of goods and services advanced by 2.4%, accelerating from the 0.5% increase in Q4 amid a pickup in sales of automobiles, precious metals, and grains. Imports edged up at a slower 0.2% as higher imports of energy offset lower purchases of automobiles, precious metals, and clothing. In the meantime, household consumption expanded for both goods (1.5%) and services (1.3%), gaining traction after two quarters of minimal growth. On the other hand, housing (-3.9%) and business investments (-2.5%) both declined, largely due to higher interest rates from the BoC. On an annualized basis, the GDP expanded by 3.1%. source: Statistics Canada
GDP Growth Rate in Canada averaged 0.76 percent from 1961 until 2023, 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 June of 2023.
GDP Growth Rate in Canada is expected to be -0.20 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 0.50 percent in 2024 and 1.00 percent in 2025, according to our econometric models.