GDP MoM (Canada) - Economic Calendar - Strategia Forex
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GDP MoM (Canada)

Canadian Economic Recovery Expected to Have Slowed Further in August

Starts Friday, October 30, 2020 at 13:30
Updated Friday, October 30, 2020
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The economic growth used to be pretty solid in Canada during Spring and Summer 2018. The report released in July showed that the GDP increased by 0.5% a month, but August's report showed a steep dovish turnaround as growth fell flat to 0.0%, lower than expectations which were for a 0.1% increase. We saw some really weak inflation and retail sales numbers from Canada for August, but the GDP increased by 0.1% nonetheless.  Since last September, the economy has gone downhill as we have seen three contractions in the last four months until December. There was a jump in October, but the decline resumed in November, and Canada closed last year with GDP in contraction. In January it suddenly made a reversal and the GDP jumped 0.3% higher, but it contracted by 0.1% again in February, which was revised lower to -0.2%. Although, we saw a 0.5% jump in March and in April we saw another positive reading as the GDP expanded by 0.3%. In May, growth was expected to be at 0.1% but it beat expectations and came at 0.2%. For June, the economy expanded by 0.2%, but it fell flat in July. Although, the economy was expected to have grown by 0.2% in August, it grew by 0.1% instead, where it stayed for September, but in October it contracted by 0.1%. Although, the Canadian economy returned to expansion again, growing by 0.1% in November, while in December we saw a 0.3% increase. In January the GDP fell to 0.1% and it fell flat at 0.0% in February. The GDP contracted by 7.2% in March due to the lockdowns, but the contraction got more severe in April, at -11.6%. But, it increased by 4.5% in May and  by 6.5% in July, but that is not as strong as the rebound in other economies. August is expected at 0.9%. Follow us for the live coverage of this event by experienced analysts.

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About GDP MoM (Canada)
Released monthly by Statistics Canada, Canadian GDP (MoM) is a primary metric facing economic output. It is a valuation of all goods and services produced domestically over the previous calendar month.GDP is a crucial measurement of Canada’s economic prowess.  Heavily dependent upon the energy, agricultural, and services sectors, Canada is a top 20 global economic power. Short-term trends in GDP (MoM) impact the pricing of the CAD greatly. Growing GDP numbers that are adjusted for inflation are interpreted as bullish, while lagging figures are bearish.
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