Canada GDP

Composition of Canada GDP
In financial year 2007, 2.1 percent of Canada's gross domestic product was contributed by agricultural sector and 28.8 percent came from industrial sector. At that same period services sector contributed 69.1 percent to gross domestic product of Canada.

Current GDP estimates
Bank of Canada has reduced its estimates regarding future projections of gross domestic product of Canada. There has been significant amount of economic slowdown in southern parts of Canada and that has been blamed for this decrease in gross domestic product estimates. In October 2008, this bank had predicted that gross domestic product of Canada would grow at a rate of 2.3 percent. But now it has revised its predictions to 1.8 percent.

Bank of Canada had predicted that in first quarter of financial year 2008, yearly growth rate would be 2 percent but had since revised it to 0.6 percent. It had also predicted that this rate would increase in coming quarters – 2 percent in next quarter and 2.3 percent, on an average, in later half of financial year 2008. Much of this could be attributed to crisis that has gripped Canadian exports to United States of America.

Bank of Canada has said that gross domestic product of Canada would improve in financial year 2009. It is predicting that rate of growth of gross domestic product in financial year 2009 would be 2.8 percent. That would be more than its previous rate of 2.5 percent.

Much of this is premised on assumption that gross domestic product of United States of America is about to go up in that financial quarter. This would help in increasing exports from Canada to that country and consequently help improve gross domestic product.