An earlier FRED Blog post discussed the global scale of the ongoing pandemic. Today, we focus on some recent GDP values in North America, comparing inflation-adjusted growth for Canada, the United States, and Mexico.
The data shown in this FRED graph are from the Organization for Economic Co-operation and Development (OECD), which uses the label “GDP in constant prices,” which is a synonym for “real GDP.” (Btw, FRED tends to adopt the series names used by the data source.)
But whether you call it a “tomāto” or a “tomăto,” these inflation-adjusted GDP growth figures show large declines in overall economic activity in Canada, the United States, and Mexico during the second quarter of 2020. The large trade flows among these three countries and the recent reduction in U.S. imports and exports can help explain the in-step movement of these GDP figures.
How this graph was created: Search for and select “Gross Domestic Product by Expenditure in Constant Prices: Total Gross Domestic Product for Canada.” From the “Edit Graph” panel, use the “Add Line” tab to search for and select “Gross Domestic Product by Expenditure in Constant Prices: Total Gross Domestic Product for the United States” and “Gross Domestic Product by Expenditure in Constant Prices: Total Gross Domestic Product for Mexico.” Use “Edit Line 1” to change “Units” to “Compounded Annual Rate of Change” and click “Copy to All” to apply this change to lines 2 and 3. use the “Format” tab to select “Graph type: Bars.” And select colors to taste.
Suggested by Diego Mendez-Carbajo.
Canadians are heading to the polls on Sunday, October 18, 2015, to elect a new parliament and government. Voters often consider the current state of the economy during election season, and FRED can help you track the economic situation for the U.S.’s neighbor to the north. Although data from Statistics Canada aren’t included in FRED, plenty of Canadian data from other sources are available, although sometimes with a delay. At the time of this writing, the tag for Canada has 2226 series listed in FRED.
The graph above shows some of the economic aggregates that are likely to matter the most for Canadians: the unemployment rate, GDP, inflation, and the exchange rate with the U.S. dollar. Canada did relatively well during the previous recession, at least compared with the U.S. Unemployment has remained relatively high, though, and the economy is currently suffering from the massive decrease in several commodity prices, which is readily visible with the weakening of the Canadian dollar. If you are reading this blog post some time after it was published, the graph will have updated automatically with the latest data. And, reader from the future, you will be able to see how the Canadian economy has fared and know whether the conservative government was reelected.
How this graph was created: Search by using the Canada tag, select the four series shown in the graph, and click “Add to Graph.” Three of these series need a little attention: CPI and GDP need to be expressed as growth rates, which is done by opening their respective panels and selecting “Percent Growth Rate from Previous Year” under “Units.” Finally, the axis for the exchange rate needs to be moved to the right because the unit range is so different from the others.
Suggested by Christian Zimmermann.