In January, GDP expanded 0.5% over the previous month in seasonally adjusted terms, matching both December's growth and market expectations. On an annual basis, GDP grew 3.3%, down from a 3.6% increase in December (previously reported: +3.5% year-on-year). As a result of the monthly reading, the trend continued to improve, with annual average growth increasing from 3.3% in December to 3.5% in January. The monthly expansion was broad-based, as output increased in 11 of the 18 categories surveyed by Statistics Canada (Statcan). GDP growth was mainly driven by manufacturing, followed by transportation and warehousing as well as wholesale trade. In addition, finance, insurance and real estate services, which account for more than 20% of GDP, also expanded in January. In contrast, mining and oil and gas extraction contracted in the first month of 2011. The Central Bank expects the economy to grow at a seasonally adjusted annualized rate of 2.5% in the first quarter of this year, which is broadly in line with the Consensus Forecast's prediction of 2.6%. For 2011 and 2012, the Central Bank projects GDP growth of 2.4% and 2.8% respectively.
GDP expands in January for a fourth straight month
March 31, 2011
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Canada Economic News
October 21, 2016
In September, seasonally-adjusted consumer prices increased 0.2% from the previous month, which contrasted the 0.1% decrease recorded in August and marked the highest print in three months.
October 19, 2016
At its 19 October policy meeting, the Bank of Canada (BoC) decided to maintain its target for the overnight rate at 0.50%, despite a weaker inflation and growth outlook.
October 11, 2016
The Teranet-National Bank National Composite House Price index rose 0.7% in September from the previous month, which followed the 1.5% increase in August.
October 8, 2016
Seasonally-adjusted annualized housing starts registered 220,600 units in September, according to the government-owned Canada Mortgage and Housing Corporation (CMHC).
October 7, 2016
The Ivey Purchasing Managers’ Index (PMI), sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada, increased a seasonally-adjusted 6.1 points in September, rising from 52.3 in August to 58.4.