Canada GDP


Canada: GDP growth slows in June

August 29, 2014

GDP increased a seasonally-adjusted 0.3% over the previous month in June, which was below the expansion recorded in May. The reading came in slightly above market expectations of a 0.2% rise. According to Statistics Canada, the result was driven by an increase in mining and oil and gas extraction, which was contrasted by a fall in manufacturing compared to May.

On an annual basis, GDP rose 3.1% in June—the highest growth rate since September 2011. The overall trend also increased in June with annual average variation in GDP increasing from May’s 2.2% expansion to 2.4%.

According to its July Monetary Policy Report, the Central Bank projects that the economy will grow 2.2% in 2014 and 2.4% 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: Angela Bouzanis, Senior Economist

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Canada GDP Chart

Canada Monthly GDP June 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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