The Toronto skyline in Canada

Canada GDP October 2023

Canada: Economic activity remains unchanged in October

GDP was flat in month-on-month seasonally adjusted terms in October for the third month in a row. On an annual basis, monthly GDP rose at a quicker rate of 0.9% in October (September: +0.7% yoy).

Mild growth in services was offset by lower manufacturing and agricultural output.

For Q4, our Consensus is for the economy to have broadly stagnated in seasonally adjusted annualized terms for the third straight quarter. Our panel expects growth to resume overall in 2024, though not before stagnating once more in Q1.

On the outlook, TD Economics’ economist Marc Ercolao commented:

“October’s GDP print ended up a little frosty against expectations that the economy would advance at a decent pace. With today’s print and guidance for November, fourth-quarter GDP is tracking sub-1.0% quarter-on-quarter annualized.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen