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Canada GDP Growth Rate
Canada Gross Domestic Product (GDP) contracted 3.19% over the last 4 quarters. The Canada Gross Domestic Product is worth 1400 billion dollars or 2.26% of the world economy, according to the World Bank. The Canadian economy is diversified and highly developed. The foundation of Canadian economy is foreign trade and the United States is by far the nation's largest trade partner. Foreign trade is responsible for about 45 percent of the nation's gross domestic product (GDP). Canada is one of the few developed nations that is a net exporter of energy. This page includes: Canada GDP Growth Rate chart, historical data, forecast and news.
| Year | Mar | Jun | Sep | Dec | Average |
| 2009 | -2.34 | -3.17 | -3.19 | | -2.90 |
| 2008 | 1.66 | 0.70 | 0.28 | -0.95 | 0.42 |
| 2007 | 1.82 | 2.57 | 2.97 | 2.76 | 2.53 |
| 2006 | 3.77 | 3.34 | 2.42 | 1.91 | 2.86 |
Canada Economy Expands 0.4%
Published:
1/29/2010 10:03:36 AM
By:
TradingEconomics.com, Statistics Canada
Real gross domestic product advanced 0.4% in November, a third consecutive monthly increase. As was the case in September and October, most major industrial sectors increased their production.
The goods-producing industries (+0.6%) grew for a third month in a row, while the services industries increased 0.4%. Mining and oil and gas extraction, and wholesale trade accounted for about 60% of the overall growth. Several other sectors also recorded increases, such as finance and insurance, construction and the public sector (education, health and public administration combined). Conversely, retail trade and utilities declined in November, while the manufacturing sector remained unchanged.
The mining sector increased 1.8% in November, largely on the strength of oil and gas extraction. Natural gas production rose as prices, while remaining low compared with a year ago, increased recently. Oil extraction went up as foreign demand increased. Support activities for mining, oil and gas extraction advanced for a fourth month in a row.
The mining sector excluding oil and gas extraction rose 2.5% as some producers in the copper, nickel, lead and zinc mining industry boosted their production after resuming their operations in October.
The volume of wholesaling activities increased 2.4% in November, with all trade groups advancing, with the exception of machinery and equipment, and metal products. The most notable increases were in the wholesaling of food products, motor vehicles (which recorded a 16% surge in imports) and building supplies.
The finance and insurance sector grew 1.2% in November. This gain was attributable to strong activity in the bond markets and a significant increase in mutual fund sales. There was also strength in personal loans and residential mortgages.
Construction activity rose 1.1% in November, a fourth consecutive monthly increase. Residential building construction (+2.5%) and, to a lesser extent, engineering and repair work (+0.6%) advanced. Non-residential building construction edged down as an increase in institutional building was more than offset by decreases in industrial and commercial building.
Value added in retail trade fell 0.8% in November. Significant decreases were posted in the automotive sector, general merchandise stores (which include department stores), and clothing and accessories stores. On the other hand, increased activities at furniture, home furnishings and electronic stores as well as building materials stores partially offset the declines.
The utilities sector decreased 1.8% in November as unseasonably warm weather throughout most of Canada lowered the demand for both electricity and natural gas.
The manufacturing sector remained unchanged in November, following growth of 0.1% in October. Manufacturing of primary metal products, chemicals, non-metallic minerals, and petroleum and coal products increased significantly. Conversely, manufacturers of fabricated metal products, printing and food products reduced their production.
Canada Economic News
Canada Gained Jobs in January
Published: 2/5/2010 8:49:14 AM
By: TradingEconomics.com, Bloomberg
Canada gained more jobs than expected in January, led by part-time positions for youth, pushing the unemployment rate down. Employment rose by 43,000 last month, and the unemployment rate fell to 8.3 percent.
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Canada Economy Expands 0.4%
Published: 1/29/2010 10:03:36 AM
By: TradingEconomics.com, Statistics Canada
Real gross domestic product advanced 0.4% in November, a third consecutive monthly increase. As was the case in September and October, most major industrial sectors increased their production.
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Canada Inflation Hits 10-month High
Published: 1/20/2010 10:15:06 AM
By: TradingEconomics.com, Reuters
Higher gasoline prices pushed Canada's annual inflation rate to a 10-month high in December, but the data is unlikely to knock the Bank of Canada off track in its pledge to hold interest rates steady for some time.
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Bank of Canada Holds Rate Low
Published: 1/19/2010 9:56:51 AM
By: TradingEconomics.com, Bloomberg
Bank of Canada maintains overnight rate target at 0.25% and reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010.
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Canada Slips Back Into Trade Deficit in November
Published: 1/16/2010 2:12:36 PM
By: TradingEconomics.com, Reuters
Canada's trade balance unexpectedly slipped back into deficit in November as strong imports, led by vehicles from the United States, outweighed export gains from rising oil prices.
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Canada Jobs Unexpectedly Fall
Published: 1/8/2010 8:43:49 AM
By: TradingEconomics.com, Bloomberg
Canada unexpectedly lost jobs in December, led by transportation and public administration, keeping the jobless rate close to the highest in more than a decade.
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Canada's Economy Grew 0.2% in October
Published: 12/23/2009 10:27:25 AM
By: TradingEconomics.com, Bloomberg
Canada’s economy grew 0.2 percent in October, less than economists expected, as gains in real estate services and utilities offset a drop in mining output.
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Canada Inflation Quickens
Published: 12/17/2009 9:32:12 AM
By: TradingEconomics.com, Bloomberg
Canadian consumer prices rose at their fastest pace in eight months in November because of higher gasoline costs, the national statistics agency said.
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Canada Unexpectedly Swings to Trade Surplus
Published: 12/10/2009 9:26:59 AM
By: TradingEconomics.com, Bloomberg
Canada posted its first trade surplus in four months in October on rising shipments and higher prices for the nation’s gold and energy.
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Canada Keeps Rate at 0.25%
Published: 12/8/2009 9:35:16 AM
By: TradingEconomics.com, Bank of Canada
Bank of Canada maintains overnight rate target at 0.25% and reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010.
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GDP Growth Definition
Economic growth is the increase in value of the goods and services produced by an
economy. It is conventionally measured as the percent rate of increase in real gross
domestic product, or GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted
terms, in order to net out the effect of inflation on the price of the goods and
services produced. In economics, "economic growth" or "economic growth theory" typically
refers to growth of potential output, i.e., production at "full employment," which
is caused by growth in aggregate demand or observed output.As economic growth is
measured as the annual percent change of National Income it has all the advantages
and drawbacks of that level variable. But people tend to attach a particular value
to the annual percentage change, perhaps since it tells them what happens to their
pay check.
The real GDP per capita of an economy is often used as an indicator of the average
standard of living of individuals in that country, and economic growth is therefore
often seen as indicating an increase in the average standard of living.However,
there are some problems in using growth in GDP per capita to measure general well
being.GDP per capita does not provide any information relevant to the distribution
of income in a country. GDP per capita does not take into account negative externalities
from pollution consequent to economic growth. Thus, the amount of growth may be
overstated once we take pollution into account. GDP per capita does not take into
account positive externalities that may result from services such as education and
health. GDP per capita excludes the value of all the activities that take place
outside of the market place (such as cost-free leisure activities like hiking).
Economists are well aware of these deficiencies in GDP, thus, it should always be
viewed merely as an indicator and not an absolute scale. Economists have developed
mathematical tools to measure inequality, such as the Gini Coefficient. There are
also alternate ways of measurement that consider the negative externalities that
may result from pollution and resource depletion (see Green Gross Domestic Product.)The
flaws of GDP may be important when studying public policy, however, for the purposes
of economic growth in the long run it tends to be a very good indicator. There is
no other indicator in economics which is as universal or as widely accepted as the
GDP.Economic growth is exponential, where the exponent is determined by the PPP
annual GDP growth rate. Thus, the differences in the annual growth from country
A to country B will multiply up over the years. For example, a growth rate of 5%
seems similar to 3%, but over two decades, the first economy would have grown by
165%, the second only by 80% (source: wikipedia).
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