Current Account in Canada
Canada - Current AccountA preliminary estimate suggested that GDP rebounded in Q3. Although a detailed breakdown is not yet available, the upturn was likely the result of stronger wholesale and retail trade activity. GDP bounced back in monthly terms in August due to healthier consumer spending and manufacturing output, while Statistics Canada also mentioned that GDP was unchanged in September as expansions in mining and quarrying activity were offset by lower manufacturing sales. Turning to Q4, GDP growth should accelerate as the unemployment rate hit the lowest level since February 2020 in October, which, coupled with the continued loosening of Covid-19 restrictions due to a solid vaccination campaign, should be fueling private consumption. Meanwhile, the manufacturing PMI hit the highest level since March in October, boding well for activity. However, weather-related disruptions and moderating housing starts could be stunting output.
Canada - Current Account Data
|Current Account (% of GDP)||-3.5||-3.1||-2.8||-2.5||-2.0|
5 years of economic forecasts for more than 30 economic indicators.
Canada Current Account Chart
Source: Statistics Canada and FocusEconomics calculations.
|Bond Yield||1.70||1.00 %||Dec 31|
|Exchange Rate||1.30||0.15 %||Jan 01|
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November 17, 2021
Consumer prices increased a seasonally-adjusted 0.49% over the previous month in October, a weaker increase than September's 0.56% rise.
November 16, 2021
Housing starts fell to 236,554 units on a seasonally-adjusted annualized rate (SAAR) basis in October according to the Canada Mortgage and Housing Corporation (CMHC), from September’s 249,922-unit reading.
November 1, 2021
In October, the IHS Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 57.7 from August’s 57.0.
October 27, 2021
At its meeting on 27 October, the Bank of Canada (BoC) held its target for the overnight rate at 0.25%—its effective lower bound—in line with market analysts’ expectations.
October 20, 2021
Consumer prices increased a seasonally-adjusted 0.42% over the previous month in September, a smaller increase than August's 0.49% increase.