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Data from Statistics Canada. Forecasts by Sigmanomics Forecast Engine.
CanadaCanada GDP Growth Rate Annualized fell to 1.0% in July 2024
Statistics CanadaQuarterlyReleased November 2024
Canada GDP Growth Rate Annualized fell to 1.0% in July 2024, released November 2024, down 1.2% from June's 2.2% reading. The reading matched the 1.0% consensus. The print is running well below the 12-month average of 2.33%. GDP Growth Rate Annualized is now the lowest in 9 months.
Latest Release
1
Actual
1
Consensus
2.2
Previous
Median Absolute Error
±0.6 percentage points
across last 12 releases
Last Call
Nov 2024
Predicted: 1
Actual: 1
Error: +0
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| USD/CAD | ▼ Inverse | −0.50 | FOREX | Bullish CAD | → View |
| CAD/JPY | ▲ Direct | +0.45 | FOREX | Bullish CAD | → View |
| WTI Crude | ▲ Direct | +0.40 | COMMODITIES | Watch | → View |
| EUR/CAD | ▼ Inverse | −0.35 | FOREX | Bullish CAD | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
GDP Growth Rate Annualized (Canada) was reported at 1% in November 2024. This matched the market consensus of 1% exactly. The reading fell from the previous value of 2.2%. This is classified as a high-impact indicator released on a quarterly basis.
WHY IT MATTERS
The trailing three releases averaged 1.6%, up from the prior three at -0.1%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/CAD (Bullish CAD). A secondary relationship exists with CAD/JPY, positively correlated (Bullish CAD). Over the last 12 releases, the Sigmacast model's median absolute error is 0.6%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include New Housing Price Index MoM (Jun 17) and Retail Sales MoM (Jun 19).
Auto-generated from current model state · Refreshes on each release · Last update November 2024.
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GDP Growth Rate Annualized - CA
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About GDP Growth Rate Annualized — Canada
DEFINITION
The GDP Growth Rate Annualized is a key economic indicator that measures the annualized percentage change in a country's gross domestic product (GDP). It provides valuable insight into the overall health and growth of an economy, as a higher growth rate indicates a stronger and more robust economy. This indicator is closely monitored by policymakers, investors, and businesses as it can impact financial decisions and market trends. A positive GDP Growth Rate Annualized is generally seen as a positive sign for a country's economy, while a negative growth rate may signal a potential economic downturn.
WHY THIS INDICATOR MATTERS
Aggregate growth figures anchor cyclical positioning across asset classes and inform fiscal and monetary policy debate. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released quarterly.
WHAT CHANGED THIS MONTH
Latest reading (Jul 2024): actual 1 %, consensus 1 %. Prior reading (Apr 2024): 2.1 %. Before that (Jan 2024): 1.7 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print. The 1-month and 3-month horizons disagree, suggesting a mixed signal. Trend-driven dynamics are the primary neutral force in the current projection. This indicator correlates most strongly with USD/CAD (Bullish CAD, r=-0.50) — a useful reference for forex-focused traders.