Statistics Canada reported on Tuesday that the country’s gross domestic
product (GDP) expanded 0.1 percent m-o-m in September after an upwardly revised
0.3 percent m-o-m rise (from +0.1 percent m-o-m) in August. That was in line with economists’ forecast of a 0.1 percent m-o-m increase.
In the third quarter of 2022, the Canadian GDP grew 0.7 percent q-o-q,
following an unrevised 0.8 percent
q-o-q advance in the second
quarter. This represented the fifth quarterly rise in real GDP in a row, which,
however, was the weakest one.
According to the report, the q-o-q advance in GDP was driven by gains in
exports, non-residential structures, and business investment in inventories,
which, however, were moderated by decreases in housing investment and household
spending.
Expressed at an annualized rate, Canada’s GDP climbed 2.9 percent in the
third quarter after a downwardly revised 3.2 percent increase (from +3.3
percent) in the previous quarter. This was much better than economists’ prediction of a 1.5
percent expansion.
Statistics Canada also revealed that its preliminary data indicates that real GDP was
essentially unchanged m-o-m in October.