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Canada’s GDP remains at meager 0.1% growth for last two quarters

According to Statistics Canada Canada’s GDP isn’t showing signs of growing. Despite federal spending and a new budget, the first financial quarter of 2019 reported a meager 0.1% GDP growth since last year.

This article was published more than 1 year ago, information might not be accurate.

Cosmin Dzsurdzsa Montreal, QC

According to Statistics Canada, the nation’s GDP isn’t showing signs of growing. Despite federal spending and a new budget, the first financial quarter of 2019 reported a meager 0.1% GDP growth since last year.

The growth remains unchanged since the fourth and final financial quarter of 2018.

“Growth in real GDP was  driven by a 0.9% increase in household spending and an 8.7% rise in  business investment in machinery and equipment. These increases were  moderated by a 1.0% decline in exports, coupled with a 1.9% increase in  imports. Additionally, investment in housing continued to decline,  down 1.6% in the first quarter,” claims a report by Statistics Canada.

https://www150.statcan.gc.ca/n1/daily-quotidien/190531/cg190531a001-eng.png

The plateau in GDP comes after a lengthy period of high GDP growth dating back to 2016.

Some other notable facts about Canada’s economy heading into 2019:

  • Household spending has gone up
  • Investments in housing has gone down
  • Exports of Canadian goods are down 1.0 percent
  • Imports are up 1.9 percent

While the GDP has plateaued overall Canada’s economy has grown, driven largely by household spending and business investment.

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