This quarterly economic forecast presents the medium-term outlook for the Canadian economy. This release focuses on household consumption. For an overview of all major components of the economy, go to the Canadian Outlook main page.
Document Highlights
Restrictions are back as the Omicron variant spreads. Households are navigating life under COVID-19, though consumption will feel the effects in the first quarter of 2022.
Household spending in the third quarter of 2021 exceeded expectations and shot up by 6.3 per cent. Higher spending on services contributed to much of this gain.
In 2021, real household consumption grew by an estimated 5.3 per cent. We expect that it will grow by 4.9 per cent and 2.9 per cent in 2022 and 2023, respectively.
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