Canada GDP March 2016


Canada: Monthly GDP contracts again in March

May 31, 2016

In March, monthly GDP fell 0.2% over the previous month in seasonally-adjusted terms. The tally followed the 0.1% decline recorded in February and was the steepest contraction in six months. According to Statistics Canada, mining, quarrying, and oil and gas extraction dragged on output, while output from the service producing industry was largely unchanged.

On an annual basis, GDP grew 1.1% in March, a deceleration from February’s 1.4% expansion. Despite the decrease, the overall trend remained at 0.8% growth, where it have been resting since January and which is the lowest figure since July 2010.

According to its April Monetary Policy Report, the Central Bank projects that the economy will grow 1.7% in 2016 and 2.3% in 2017. FocusEconomics Consensus Forecast panelists expect the economy to grow 1.6% in 2016, which is up 0.1 percentage points from last month’s estimate. For 2017, the panel expects the economy to expand 2.1%.

Author:, Economist

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Canada GDP Chart

Canada Monthly GDP March 2016

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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