Canada GDP Growth

By: EconomyWatch   Date: 14 October 2010

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According to an International Monetary Fund (IMF) study, Canada is likely to register top economic growth in 2009. This study revealed that Canada is likely to experience a growth percentage of 1.2 percent in 2009, which will still be greater than growth predictions for Japan, United States, France, Italy, United Kingdom, and Germany. But as table below reveals, a 1.2 percent real growth in GDP will still be just half of previous year figure.

Canada's GDP growth percentage
According to 2007 estimates, services accounted for 70.7 percent of total GDP of Australia. This was followed next by industry, which contributed about 25.6 percent to Australian GDP. Agriculture accounted for only 3.7 percent of Australia’s gross domestic product.

Canada's GDP growth percentage

Year Real growth rate- GDP (Estimates)
2003 3.4 percent
2004 1.7 percen
2005 2.4 percent
2006 2.9 percent
2007 2.7 percent
2008 2.7 percent


Is Canada entering into an economic recession?
On December 1, Statistics Canada office released GDP figures for third-quarter of 2008, where inflation adjusted, annualized change was recorded as 1.3 percent on a quarter-to-quarter basis. Year-on-year change for Canada GDP stood at around 0.5 percent. Quarter-to-quarter change was an improvement over figures for previous two quarters. However, year-on-year change was lower than figures for previous two years. If past figures are taken into account, Canada GDP growth looks satisfactory. But rapidly worsening global economy can prove to be a major challenge for this country.

Fourth quarter results for Canada will be more of a revelation as far as Canadian GDP growth is concerned. But it remains a fact that Canada has found itself in a reasonably good position to counter effects of global economic recession.

Canada GDP composition
As per Canada GDP composition estimates, agriculture accounted for 2.1 percent, industry- 28.8 percent, and services about 69.1 percent of total GDP in 2007. GDP per capita (purchasing power parity) figure was around $38,200 in 2007.

GDP per capita (purchasing power parity) changes
n 2007, International Monetary Fund (IMF) estimated GDP based on purchasing power parity (PPP) to be about $38435.394. But after a change of around 1.98 percent, this figure rose to $39194.642. From 1980 onwards, GDP per capita (PPP) has been showing a percentage increase of more than 1.84 percent, except for year- 1991, when it recorded a 0.07 growth.


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