News & Analysis

Canada GDP declines unexpectedly in September

Forex Pros – Canada's gross domestic product declined unexpectedly in September, official data showed on Tuesday.

In a report, Statistics Canada said gross domestic product fell by a seasonally adjusted 0.1% in September, after rising by 0.3% in August.

Analysts had expected Canada’s gross domestic product to rise by 0.1% in September.

The report also showed that year-on-year, annualized real GDP grew by 1.0% in the third quarter, after expanding by 2.3% in the second quarter.

Analysts had expected annualized real GDP to grow by 1.5% in the third quarter.

According to the data, manufacturing, mining and the public sector were the main sources of growth in the third quarter, while lower exports and lower investment in housing restrained GDP growth.

Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD jumping 0.91% to hit 1.0272.


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