Canada GDP February 2016

Canada

Canada: Monthly GDP contracts in February, following strong growth in January

April 29, 2016

In February, monthly GDP fell 0.1% over the previous month in seasonally-adjusted terms. The tally contrasted the 0.6% growth recorded in January and underperformed according to market analysts, who had expected a flat reading in February. The result marked the first contraction in five months. According to statistics Canada, the goods producing sector contracted, which was reflected in the overall result. The mining, quarrying, and oil and gas extraction sector also declined on a monthly basis.

On an annual basis, GDP grew 1.5% in February, a slight deceleration from January’s revised 1.6% expansion (previously reported: +1.5% year-on-year). Despite the decrease, the overall trend remained steady in February at 0.9%, for the third consecutive month.

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 Monthly GDP February 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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