Current Account in Canada
Canada - Current AccountAfter almost screeching to a halt in the final quarter of last year, growth gained some impetus in Q1 but remained limp nonetheless. The external sector dragged on the economy amid falling exports and higher imports. However, domestic demand surged, driven by an uptick in private consumption growth and a rebound in gross fixed capital formation. In Q2, the economy should be shifting into a higher gear. Boding well for residential investment, the housing market looks to have stabilized somewhat: Prices ticked up and home sales rose in May, while average housing starts were higher than in Q1. Moreover, the unemployment rate dipped to a multi-decade low in May, which should be supporting private consumption. However, the manufacturing PMI is in negative territory. In politics, in mid-June the government approved a pipeline expansion in Alberta, which should bolster the energy sector ahead.
Canada - Current Account Data
|Current Account (% of GDP)||-3.2||-2.4||-3.5||-3.2||-2.8|
5 years of economic forecasts for more than 30 economic indicators.
Canada Current Account Chart
Source: Statistics Canada and FocusEconomics calculations.
|Bond Yield||1.58||1.00 %||Jul 10|
|Exchange Rate||1.31||0.15 %||Jul 11|
|Stock Market||16,528||0.23 %||Jul 11|
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July 18, 2019
House prices ticked up 0.8% on a monthly basis in June, according to the Teranet-National Bank Composite House Price Index, up from May’s 0.5% increase.
July 17, 2019
Consumer prices fell a seasonally-adjusted 0.1% from a month earlier in June, contrasting May’s 0.3% rise.
July 10, 2019
Housing starts on a seasonally-adjusted (SAAR) basis rose to 245,657 units in June, according to the Canada Mortgage and Housing Corporation (CMHC), smashing analysts’ expectations.
July 10, 2019
On 10 July, the Bank of Canada (BoC) left its target for the overnight rate unchanged at 1.75% as had been widely expected by market analysts.
Canada: IHS Markit manufacturing PMI virtually unchanged in June, signals worsening operating conditions
July 2, 2019
In June, the IHS Markit Manufacturing Purchasing Managers’ Index (PMI) ticked up to 49.2 from 49.1 in May.