Canadian Monthly GDP (August 2021)

Canadian Monthly GDP (August 2021) - October 29, 2021

The Canadian economy expanded by 0.4 percent. That is below Statistics Canada's original preliminary estimate of 0.7 percent and follows a slight contraction in July.  The continued easing of restrictions was a main driver of growth in August, with increases in the accommodation and food service, retail trade, and transportation sectors making strong contributions.  

However,  Statistics Canada's preliminary estimate for September  GDP is showing flat growth, which points to overall third-quarter growth registering about 2 percent on an annualized basis, in line with third-quarter growth in the United States and well under the Bank of Canada's more rosy forecast of 5.5 percent.  The middle quarters of 2021 have been fairly disappointing in terms of economic growth, with the economy contracting in the second quarter and underwhelming in the third. However, we anticipate that the economy will bounce back in the fourth quarter with Canadian real GDP expanding 4 percent and carrying momentum into 2022.

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