Current Account in Canada
Canada - Current Account (billions of Canadian dollars)After 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 (CAD bn) Data
|Current Account Balance (CAD bn)||-69.6||-62.6||-60.2||-55.5||-47.0|
5 years of economic forecasts for more than 30 economic indicators.
Canada Current Account (CAD bn) 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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July 20, 2022
Consumer prices increased a seasonally-adjusted 0.59% in June over the previous month, coming in below May's 1.07% rise.
July 20, 2022
According to the Teranet-National Bank Composite House Price Index, house prices rose 1.4% in June (May: +2.3%).
July 13, 2022
On 13 July, the Bank of Canada (BoC) raised its target for the overnight rate from 1.50% from 2.50%, marking the fourth consecutive rate hike this year.
July 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 54.6 in June from May's 56.8.
June 30, 2022
GDP grew 0.3% in month-on-month seasonally-adjusted terms in April, which was a deterioration from March's 0.7% increase.