Current Account in Canada
Canada - Current AccountAfter gaining momentum in Q4 2021, preliminary data suggests the economy outperformed its G7 peers in Q1, with StatCan estimating growth of 1.4% quarter-on-quarter. Looking at the monthly picture, economic activity growth was muted in January due to Omicron and poor weather affecting energy output. However, momentum picked up in February thanks to healthy expansions in manufacturing and customer-facing services. In particular, the accommodation and food services sector saw a double-digit gain as the Omicron wave faded and associated restrictions were eased. Turning to Q2, available signs are mainly positive. In April, the unemployment rate fell to an all-time low, while the manufacturing PMI was well in expansionary territory and housing starts jumped, boding well for residential investment. However, multi-decade high inflation could be weighing somewhat on spending intentions.
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 18, 2022
According to the Teranet-National Bank Composite House Price Index, house prices decreased 0.8% month on month in October, following September’s 3.1% fall.
November 16, 2022
Inflation came in at 6.9% in October, matching September’s figure.
November 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 48.8 in October from September's 49.8.
Canada: Economic activity growth remains broadly unchanged in August; flash estimate points to further small expansion in September
October 30, 2022
GDP expanded 0.1% in month-on-month seasonally-adjusted terms in August, matching July's 0.1% increase and above market expectations.
October 28, 2022
GDP growth was stable at 0.1% in month-on-month seasonally-adjusted terms in August.