Global Economy: Data Shows That Canada'S Economy Shrank Slightly In The Third Quarter Of This Year

Statistics released by Statistics Canada on November 30 showed that the country's real gross domestic product (GDP) in the third quarter of this year fell 0.3% from the previous quarter; If calculated at an annual rate, the GDP will decline by 1.1%.

Statistics Canada said that in the third quarter, exports declined and inventory accumulation slowed, which to some extent offset the increase in government spending and housing investment, and was one of the main reasons for the decline in GDP. Exports of goods and services grew 1.3% month on month in the second quarter, but fell 1.3% in the third quarter. Among them, the export of refined oil and energy products fell by more than 25% month on month.

Affected by the decline in imports of clothing, footwear and textiles, transportation services, electronic and electrical equipment and parts, imports of goods and services in the third quarter also fell 0.2% month on month.

Household spending was generally flat with the previous quarter. Housing investment grew by 2% month on month after falling for five consecutive quarters.

The monthly data released by the Statistics Bureau of Canada on the same day showed that the country's real GDP rose slightly by 0.1% month on month in September this year. The commodity production industry grew for the first time in six months, led by a month on month growth of 0.3%. The service production industry was basically flat.

Among them, the manufacturing industry grew 0.9% month on month in September after contracting for three consecutive months. In the non durable goods manufacturing industry, most of the sub industries rose. The food production industry increased by 3.2% month on month, but the oil and coal product manufacturing industry declined by about 1%. The durable goods manufacturing industry grew for the first time in four months driven by the machinery manufacturing industry, with a month on month growth of 0.9%.

Preliminary estimates show that Canada's real GDP grew 0.2% month on month in October.

The above data basically confirms Canada's official judgment on the current economic trend. The Canadian government recently released its autumn 2023 economic report, citing private sector economists' predictions that Canada will avoid economic recession in the near future, but economic growth will slow down in the coming quarters. The report predicts that the Canadian economy will grow by only 0.3% next year, nearly stagnating.

(Source: China News Network)