Canada: GDP growth rate unchanged in October
December 23, 2013
GDP increased a seasonally-adjusted 0.3% over the previous month in October 2013, matching September's result. The increase was just above market expectations of a 0.2% rise. According to Statistics Canada, manufacturing and wholesale trade were the sectors with the greatest contribution to the monthly increase.
On an annual basis, GDP rose 2.7% in October, which was above the 2.4% expansion observed in September. The overall trend increased, with annual average variation in GDP inching up from 1.5% in September to 1.7% in October.
According to its October Monetary Policy Report, the Central Bank projects that the economy will grow 2.3% in 2014 and 2.6% in 2015. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.3% in 2014, which is unchanged from last month's estimate. For 2015, the panel expects the economy to expand 2.5%.
Author: Carl Kelly, Economist