National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for Canada
Growth rate same period previous year, Annual
CANGDPRAPSMEI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.97
Year-over-Year Change
-44.53%
Date Range
1/1/1962 - 1/1/2024
Summary
The growth rate same period previous year, Annual metric tracks the year-over-year change in Canada's gross domestic product (GDP). This measure provides valuable insights into the overall health and trajectory of the Canadian economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic indicator represents the annual percentage change in Canada's real GDP compared to the same period in the previous year. It is a widely followed statistic that helps economists and policymakers assess the country's economic performance and make informed decisions.
Methodology
The data is calculated based on official GDP figures reported by Statistics Canada.
Historical Context
This trend is closely monitored by the Bank of Canada and other institutions to guide monetary and fiscal policies.
Key Facts
- Canada's GDP grew 4.6% in 2021 compared to 2020.
- The GDP growth rate has averaged 2.4% over the past 10 years.
- The COVID-19 pandemic caused a 5.2% contraction in Canada's GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: The growth rate same period previous year, Annual metric tracks the year-over-year change in Canada's gross domestic product (GDP), providing insights into the overall economic performance.
Q: Why is this trend relevant for users or analysts?
A: This widely followed statistic helps economists and policymakers assess the health and trajectory of the Canadian economy, guiding important decisions on monetary and fiscal policies.
Q: How is this data collected or calculated?
A: The data is calculated based on official GDP figures reported by Statistics Canada.
Q: How is this trend used in economic policy?
A: The Bank of Canada and other institutions closely monitor this trend to help guide their monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is released quarterly by Statistics Canada, with a typical update delay of a few months.
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Citation
U.S. Federal Reserve, Growth rate same period previous year, Annual (CANGDPRAPSMEI), retrieved from FRED.