Markets Actual Q1/25 Q2/25 Q3/25 Q4/25
Stock Market (points) 25480.03 25150 24988 24828 24669
Currency 1.43 1.45 1.46 1.47 1.48
Government Bond 10Y (%) 3.30 3.16 3.09 3.02 2.96

Overview Actual Q1/25 Q2/25 Q3/25 Q4/25
GDP Growth Rate (%) 0.30 0.7 0.5 0.9 1
GDP Growth Annualized (%) 1.00 1.6 1.4 1 1.8
GDP Annual Growth Rate (%) 1.50 1.4 1.2 1.1 2.1
Unemployment Rate (%) 6.70 6.3 6.4 6.5 6.4
Inflation Rate (%) 1.80 2.2 2.1 2 2
Inflation Rate MoM (%) -0.40 0.2 -0.1 -0.1 0.5
Interest Rate (%) 3.25 3 2.5 2.5 2.5
Balance of Trade (CAD Million) -320.00 -1402 -1550 -1350 -2754
Current Account (CAD Million) -3200.00 -5000 -4900 -3200 -3000
Manufacturing PMI (points) 52.20 52 52.1 50 49
Business Confidence (points) 54.70 47 51 53 55
Consumer Confidence (points) 47.90 50 52 54 51
Retail Sales MoM (%) 1.60 0.4 0.3 0.3 0.4
Building Permits (CAD Thousand) 11747650.00 12335033 12951784 13107206 12805740
Current Account to GDP (% of GDP) -0.60 -1.2
Government Debt to GDP (% of GDP) 107.50 106
Government Budget (% of GDP) -1.40 -1.2

GDP Actual Q1/25 Q2/25 Q3/25 Q4/25
GDP Growth Rate (%) 0.30 0.7 0.5 0.9 1
GDP Growth Annualized (%) 1.00 1.6 1.4 1 1.8
GDP Annual Growth Rate (%) 1.50 1.4 1.2 1.1 2.1
GDP Constant Prices (CAD Million) 2419572.00 2433859 2442361 2446187 2470383
Gross National Product (CAD Million) 3035044.00 2994691 3034506 3068429 3098780
Gross Fixed Capital Formation (CAD Million) 506865.00 511144 515438 512441 517509
Monthly GDP MoM (%) -0.10 0.2 0.3 0.3 0.6
GDP from Utilities (CAD Million) 46004.00 45531 46412 46337 46970
GDP from Transport (CAD Million) 102537.00 102190 102682 103414 104690
GDP from Mining (CAD Million) 119083.00 117650 119197 117607 121584
GDP from Agriculture (CAD Million) 40535.00 40023 40501 40903 41386
GDP from Services (CAD Million) 1698774.00 1699467 1705313 1715604 1734448
GDP from Construction (CAD Million) 165526.00 167139 165065 166662 169002
GDP from Public Administration (CAD Million) 168704.00 167610 168467 170231 172247
GDP from Manufacturing (CAD Million) 205694.00 209777 209841 207264 210014
GDP (USD Billion) 2140.09 2189
GDP per Capita (USD) 44388.40 45409
GDP per Capita PPP (USD) 55817.90 57102
Full Year GDP Growth (%) 1.25 2.3

Labour Actual Q1/25 Q2/25 Q3/25 Q4/25
Unemployment Rate (%) 6.70 6.3 6.4 6.5 6.4
Unemployed Persons (Thousand ) 1492.10 1590 1610 1610 1680
Employed Persons (Thousand ) 20738.30 20700 20800 20800 20476
Part Time Employment (Thousand) 33.50 15 15 -20 -10
Full Time Employment (Thousand) 57.50 15 25 -10 45
Employment Change (Thousand) 90.90 30 10 10 40
Labor Force Participation Rate (%) 65.10 65.2 64.8 65.4 66
Productivity (points) 101.37 98 100 97 102
Labour Costs (points) 133.00 135 134 136 136
Wages (CAD/Hour) 31.34 31.53 31.59 31.91 31.94
Wages in Manufacturing (CAD/Hour) 30.91 31.71 31.42 31.84 31.5
Wage Growth (%) 5.30 3.5 2.3 2.3 1.9
Non Farm Payrolls (Thousand) 18191.00 16300 16500 16500 16300
Average Hourly Earnings (CAD) 36.64 4 4.5 3.9 3.5
Job Vacancies 546075.00 540000 560000 600000 595000
Minimum Wages (CAD/Hour) 17.20 18.5
Population (Million) 40.80 42.2

Prices Actual Q1/25 Q2/25 Q3/25 Q4/25
Inflation Rate (%) 1.80 2.2 2.1 2 2
Inflation Rate MoM (%) -0.40 0.2 -0.1 -0.1 0.5
Consumer Price Index CPI (points) 161.20 163 165 164 164
Core Inflation Rate (%) 1.80 1.5 1.6 1.9 1.8
Core Consumer Prices (points) 155.80 157 158 159 159
GDP Deflator (points) 127.20 128 129 130 130
Producer Prices (points) 128.30 129 130 128 130
Producer Prices Change (%) 4.10 2.5 2 1.6 1.3
Export Prices (points) 136.80 136 135 137 139
Import Prices (points) 133.30 135 136 139 141
Food Inflation (%) 0.60 2.5 2.4 2.5 2.8
Commodity Prices YoY (%) 9.10 2.5 3.6 -3.2 3
CPI Median (Percent) 2.40 2.1 2 1.9 2.1
CPI Trimmed-Mean (Percent) 2.50 2.4 2.4 2.1 2.1
Producer Price Inflation MoM (%) 0.20 0.4 0.3 0.3 0.1
Core Inflation Rate MoM (%) -0.30 0.4 -0.1 0.2 0.5
CPI Transportation (points) 173.40 174 174 173 174
CPI Housing Utilities (points) 185.80 184 186 187 190
Wholesale Prices (points) 142.00 -0.5 0.8 -1.2 -1.5

Money Actual Q1/25 Q2/25 Q3/25 Q4/25
Interest Rate (%) 3.25 3 2.5 2.5 2.5
Interbank Rate (%) 4.97 4.72 4.22 4.22 4.22
Money Supply M2 (CAD Million) 2625309.00 2569100 2562010 2552010 2583000
Central Bank Balance Sheet (CAD Million) 271414.00 260000 255000 245000 256000
Loans to Private Sector (CAD Million) 692785.00 655000 66100 66100 66900
Deposit Interest Rate (%) 4.91 4.66 4.16 4.16 4.16
Foreign Stock Investment (CAD Million) 16400.00 -10740 9800 13047 12632
Private Debt to GDP (%) 269.10 272

Trade Actual Q1/25 Q2/25 Q3/25 Q4/25
Balance of Trade (CAD Million) -320.00 -1402 -1550 -1350 -2754
Current Account (CAD Million) -3200.00 -5000 -4900 -3200 -3000
Exports (CAD Million) 66106.20 63100 63550 63750 62805
Imports (CAD Million) 66429.40 64502 65100 65100 65559
Terms of Trade (points) 102.80 101 99.26 98.56 98.58
Crude Oil Production (BBL/D/1K) 4612.00 4820 4750 4880 5100
Current Account to GDP (% of GDP) -0.60 -1.2

Government Actual Q1/25 Q2/25 Q3/25 Q4/25
Fiscal Expenditure (CAD Million) 37867.00 35870 35400 36080 34988
Government Debt to GDP (% of GDP) 107.50 106
Government Budget (% of GDP) -1.40 -1.2

Business Actual Q1/25 Q2/25 Q3/25 Q4/25
Manufacturing PMI (points) 52.20 52 52.1 50 49
Business Confidence (points) 54.70 47 51 53 55
Capacity Utilization (%) 79.30 80 82 81 83
Corporate Profits (CAD Million) 141003.00 139000 135000 135000 132000
Car Registrations (Units) 160942.00 149000 145000 145000 140000
Services PMI (points) 48.20 52.2 51 50 52
Composite PMI (points) 49.00 51 50.5 51.2 52.6
Wholesale Sales (%) -0.20 0.6 -0.2 -0.2 0.4
Manufacturing Sales (%) 0.60 0.2 0.4 0.4 0.6
Small Business Sentiment (points) 56.40 54.3 53 56.1 57.6

Consumer Actual Q1/25 Q2/25 Q3/25 Q4/25
Consumer Confidence (points) 47.90 50 52 54 51
Retail Sales MoM (%) 1.60 0.4 0.3 0.3 0.4
Retail Sales Ex Autos (%) -0.70 -0.2 0.4 0.6 0.5
Retail Sales YoY (%) 1.60 0.8 0.8 1.2 1.8
Consumer Spending (CAD Million) 1371495.00 1375632 1376141 1386581 1400296
Consumer Credit (CAD Million) 779067.00 762939 774041 783129 795427
Bank Lending Rate (%) 5.95 5.7 5.2 5.2 5.2
Gasoline Prices (USD/Liter) 1.07 1.09 1.11 1.14 1.16

Housing Actual Q1/25 Q2/25 Q3/25 Q4/25
Building Permits (CAD Thousand) 11747650.00 12335033 12951784 13107206 12805740
Housing Starts (Thousand units) 231.47 220 250 200 210
House Price Index YoY (%) 0.10 -0.2 0.3 -0.1 0.8
House Price Index MoM (%) -0.10 0.3 0.1 0.4 0.5
Building Permits MoM (%) -5.90 5 5 1.2 -2.3
Home Ownership Rate (%) 69.30 67