CAD — GDP m/m

Canada GDP m/m measures the percentage change in real Gross Domestic Product by industry from one month to the next. Statistics Canada compiles monthly GDP at basic prices as the sum of value added produced by resident industries within Canada. The estimates are volume measures, so the direct effect of price changes is removed. Monthly industry output is projected from detailed indicators and benchmarked to the annual Supply and Use Tables and quarterly national accounts.

This series is different from quarterly expenditure-based GDP at market prices. It is designed to show which industries expanded or contracted, with detail for goods-producing and services-producing sectors. The monthly release may also include an advance estimate for the following month; that early estimate uses incomplete information and is more uncertain than the regular figure.

Compare Actual with Forecast and Previous, then inspect revisions and industry contributions. Stronger-than-expected broad growth can support CAD and Canadian yields if it reduces the case for Bank of Canada easing. Weak or contracting output can do the opposite. A headline driven by one volatile industry, strike, weather event or temporary production restart may receive less weight.

Monthly GDP is revised when more complete source data arrive and again through annual benchmarking. Growth rates can also diverge slightly from expenditure-based GDP because the concepts and source data differ. Use the three- and six-month trend, breadth across industries and GDP per capita context rather than relying on one month.

Official source: Statistics Canada, Gross Domestic Product by Industry.