Canada: GDP growth rate unchanged in September
November 29, 2013
GDP increased a seasonally-adjusted 0.3% in September over the previous month, matching August's result. The increase was just above market expectations of a 0.2% rise. According to Statistics Canada, manufacturing and retail were the sectors with the greatest contribution to the monthly increase.
On an annual basis, GDP rose 2.3% in September, which was above the 2.0% expansion observed in August. The overall trend increased, with annual average variation in GDP inching up from 1.4% in August to 1.5% in September.
According to its October Monetary Policy Report, the Central Bank projects the economy to grow 1.6% this year and 2.3% in 2014. FocusEconomics Consensus Forecast panelists expect the economy to grow 1.7% in 2013, which is unchanged from last month's estimate. For 2014, the panel expects the economy to expand 2.3%, which is down 0.1 percentage points from last month's forecast.
Author: Carl Kelly, Economist