Canada GDP


GDP growth slows in August

GDP increased a seasonally-adjusted 0.3% in August over the previous month. The increase was below July's two-year high of plus 0.6%, yet it beat market expectations of a 0.1% increase. According to Statistics Canada, mining and oil and gas extraction were the sectors with the greatest contribution to the monthly increase.

On an annual basis, GDP rose 2.0% in August, which was above the 1.5% expansion observed in July. The trend was unchanged, with annual average variation in GDP holding at July's 1.3% in August.

In its October Monetary Policy Report, the Central Bank cut its growth projections from 1.8% to 1.6% for 2013 and from 2.7% to 2.3% for 2014. FocusEconomics Consensus Forecast panelists expect the economy to grow 1.7% in 2013, which is down 0.1 percentage points from last month's estimate. For 2014, the panel expects the economy to expand 2.4%, which is also down 0.1 percentage points from last month's forecast.

Author:, Economist

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Canada GDP Chart

Canada Monthly GDP August 2013

Note: Quarter-on-quarter changes of seasonally adjusted annualized GDP and year-on-year variation in %.
Source: Statistics Canada (SC) and FocusEconomics Consensus Forecast.

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