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Canada GDP Growth Rate

Last Release
Dec 31, 2022
Actual
0
Units In
%
Previous
0.6
Frequency
Quarterly
Next Release
May 31, 2023
Time to Release
2 Months 9 Days 13 Hours
Highest
Lowest
Average
Date Range
Source
9.1
Sep 2020
-11.3
Jun 2020
0.76 %1961-2022Statistics Canada
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.

Latest Updates

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%.

Canada GDP Growth Rate History

Last 12 readings

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