Canada GDP


Canada: GDP decelerates in March

June 3, 2014

GDP increased a seasonally-adjusted 0.1% over the previous month in March, which was down slightly from the 0.2% expansion registered in February, but met market expectations. The print marked the lowest reading since December 2013. According to Statistics Canada, mining, oil and gas extraction and manufacturing were the sectors that drove the monthly increase and more than offset the contractions in retail sales and construction.

On an annual basis, GDP rose 2.1% in March, which was below the 2.3% expansion observed in February and represented the lowest pace of growth since July 2013. The overall trend was unchanged in March, with annual average variation in GDP remaining stable at February’s 2.2%.

According to its April Monetary Policy Report, the Central Bank projects that the economy will grow 2.3% in 2014 and 2.5% in 2015. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.3% in 2014, which is unchanged from last month’s estimate. For 2015, the panel expects the economy to expand 2.6%.

Author: Teresa Kersting, Economist

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Canada GDP Chart

Canada Monthly GDP March 2014

Note: Month-on-month changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Statistics Canada (SC) and FocusEconomics calculations.

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