GDP MoM (Canada)
Event Date: Tuesday, October 31, 2023
Event Time: 13:30 CET
Updated Tuesday, October 31, 2023
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 came at 1.2% while in September we saw a further slowdown to 0.9%. In October the GDP slowed further to 0.4%, while in December it only grew by 0.1%. The economy has been growing at a decent pace since then, but turned negative in April and May due to restrictions at -0.3%. In June we saw an increase of 0.7% but July turned out negative again at -0.1%, although August came at 0.4%. In September the GDP slowed to 0.1% but increased by 0.8% in October, while November came at 0.6%. In January the GDP increased by 0.2, in February 2022 by 1.1% while in March it is expanded by 0.57%. Since July we have seen a 0.1% increase with March at 0.1% but April showed an expansion of 0.2% in the last reading and is expected to show another contraction, this time by 0.1%. 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.