Canada GDP


Canada: GDP unchanged in July

September 30, 2014

In July, GDP recorded flat growth over the previous month in seasonally-adjusted terms, which was below the 0.3% expansion recorded in June. Additionally, the reading came in below market expectations of a 0.3% rise and marked the first month without growth since December 2013. According to Statistics Canada, the result was driven by a decrease in mining and oil and gas extraction, as well as utilities. In contrast, growth in manufacturing increased compared to June.

On an annual basis, GDP rose 2.5% in July, which was below June’s 3.1% increase. The overall trend stabilized with the annual average variation in GDP remaining at June’s 2.4% rise.

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 July 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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