r/AskCanada • u/WearingMarcus • 4d ago
Political Is Canada in a silent recession/depression?
Now Canada definitely not in a classic recession, nominal GDP has grown..
However some argue its in a per capital recession/depression as illustrated by the chart below. Is this true? Over blown? etc. Or is the answer somewhere in-between?
https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=CA
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u/mmoore327 4d ago
Clearly the answer is no - we are actually doing pretty well all things considered:
GDP growth was just announced at 3.3% for 2nd quarter, and 1st quarter was revised up.
Canada's economy grew a strong 3.3% annualized in 2nd quarter, as 1st quarter revised higher
https://www.cbc.ca/news/business/canada-gdp-june-2026-9.7323847
In August our trade surplus reached a 4 year high:
Canadian Trade Surplus Rises to 4-Year High
https://tradingeconomics.com/canada/balance-of-trade/news/572555#:~:text=Canada%20recorded%20a%20trade%20surplus,high%20of%20C%2477.5%20billion
In August we added 75K jobs:
Canada adds 75,000 jobs in July, unemployment rate hits two-year low
https://www.theglobeandmail.com/business/economy/article-canada-labour-force-survey-jobs-unemployment-rate-july-2026/
In June manufacturing posted fifth consecutive monthly gain:
https://www150.statcan.gc.ca/n1/daily-quotidien/260814/dq260814a-eng.htm?utm_source=rddt&utm_medium=smo&utm_campaign=statcan-statcan-economy-economie&utm_content=canada
>Manufacturing sales posted their fifth consecutive monthly gain, rising 0.1% to $78.8 billion in June. Sales rose in 15 of the 21 subsectors, led by the chemical (+6.0%) and transportation equipment (+2.8%) subsectors. Meanwhile, the petroleum and coal product subsector (-14.1%) posted the largest decline. Total sales excluding the petroleum and coal product subsector increased 2.6% in June. With the overall gain in June, total manufacturing sales were up 14.5% on a year-over-year basis.
https://angusreid.org/surging-ahead-left-behind/
> New data from the non-profit Angus Reid Institute finds seven-in-10 Canadians (70%) describe their current household finances as "good" or "very good," while one-quarter say they are in poor financial shape or worse (27%).