Canada GDP October 2016

Canada

Canada: Monthly GDP contracts in October

December 23, 2016

GDP dipped 0.3% in October compared to the previous month in seasonally adjusted terms, below the 0.4% growth recorded in September and marking the first fall in five months. October’s figure also came in substantially below analysts’ expectations of an entirely flat reading. According to Statistics Canada, October’s figure was driven by a drop in the manufacturing output of both durable and non-durable goods, and contraction in the mining, quarrying and oil and gas extraction, construction and finance and insurance sectors. In contrast, retail and wholesale trade rose in October over the prior month.

On an annual basis, GDP rose 1.5% in October, down from September’s 1.9% growth, while annual average economic growth was virtually unchanged at 0.8%.

According to its October Monetary Policy Report, the Central Bank predicts that the economy will grow 2.2% in both 2017 and 2018. FocusEconomics Consensus Forecast panelists expect the economy to grow 1.9% in 2017, which is unchanged from last month’s estimate. For 2018, the panel also expects the economy to expand 1.9%.


Author:, Economist

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Canada Monthly GDP October 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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