Saturday, May 31, 2025

Latest

Canada In Technical Recession Based On Advanced StatCan Estimate

The economy in Canada is so strong that it appears we have entered a technical recession based on preliminary data provided by Statistics Canada this morning in its August 2023 update for gross domestic product by industry.

The agency indicated within the report an advanced estimate for real GDP for September and Q3 2023 that states that real GDP by industry was essentially unchanged in September, as was the third quarter of 2023. Three straight months of flat output, beginning in July, suggests a decline of 0.1% on an annualized basis, and follows a decrease of 0.2% in the second quarter.

Those subsequent declines point to a technical recession being entered into, based on two consecutive quarters of negative growth in real GDP. It also highlights that the Bank of Canada – who sets Canada’s interest rate policy – was substantially short on its estimate for 0.8% growth in the third quarter, an estimate that was released just days ago in its Monetary Policy Report.

Source: Bank of Canada

The data for the third quarter, as a result of being an advanced estimate, is of course subject to revision.

Real GDP meanwhile for the month of August 2023 was unchanged, with services producing industries up 0.1% in the month, while goods-producing industries contracted by 0.2%, which shook out to a 0.0% monthly change.


Information for this story was found via StatCan and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Canada to Cut 3,300 Immigration Jobs Over Three Years

Immigration, Refugees and Citizenship Canada (IRCC) plans to eliminate about 3,300 positions by 2027, targeting...

Wednesday, January 22, 2025, 07:46:09 AM

Treasury Secretary Yellen On Recession Fears: “We’re Not Seeing That Now”

While the US economy is not hitting its target growth, Treasury Secretary Janet Yellen believes...

Monday, July 25, 2022, 11:37:00 AM

Canadian Constitution Foundation Launches Legal Challenge Against Trudeau’s Invocation of Emergencies Act

The Canadian Constitution Foundation (CCF), an independent, non-partisan charity, has revealed it has started a...

Thursday, February 17, 2022, 02:28:26 PM

Federal Government Pledges $600 Million to Regional Relief Fund as Canada’s Economic Recovery Enters Standstill

As summer comes to an end and cold temperatures set in across much of Canada,...

Saturday, October 3, 2020, 03:56:00 PM

Mayor of Terry Fox’s Hometown Bashes Trudeau for New Passport Design

The design for Canada’s new high-tech passport was unveiled on Wednesday by Sean Fraser, Minister...

Thursday, May 11, 2023, 12:21:36 PM