GDP reading: Australia’s GDP grew 0.4% on a seasonally adjusted quarter-on-quarter basis in Q2, following a 0.3% expansion in the...
Economic Growth in Canada
Over the last decade, Canada's economy benefited from brisk population growth, close ties to a robust U.S. economy, strong natural resource sectors and improved trade ties with Asian and European economies thanks to participation in new free trade deals. GDP growth frequently clocked over 2% per year, above the G7 average. Following a contraction in 2020, the post-pandemic recovery was supported by fiscal stimulus, rapid population growth and rebounding global demand. However, GDP growth in 2023 and 2024 was below trend, weighed on by a lack of productivity growth and despite the large increase in the size of the labor force.
In the year 2024, the economic growth in Canada was 1.53%, compared to 2.87% in 2014 and 1.53% in 2023. It averaged 1.86% over the last decade. For more GDP information, visit our dedicated page.
Canada GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Canada from 2014 to 2025.
Source: Macrobond.
Canada GDP Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Economic Growth (Real GDP, ann. var. %) | 6.0 | 4.7 | 2.0 | 2.0 | 1.9 |
| GDP (USD bn) | 2,023 | 2,200 | 2,197 | 2,269 | 2,322 |
| GDP (CAD bn) | 2,536 | 2,864 | 2,965 | 3,109 | 3,245 |
| Economic Growth (Nominal GDP, ann. var. %) | 14.2 | 12.9 | 3.5 | 4.8 | 4.4 |
Economic growth accelerates in the second quarter of 2026
GDP reading: Canada's GDP expanded 3.3% in seasonally adjusted quarter-on-quarter annualized (SAAR) terms in Q2, following 0.3% growth in the prior quarter. Q2's reading was the strongest since Q1 2023.
Broad-based improvement: Relative to the prior period's data, figures in Q2 improved for private consumption (+3.3% in seasonally adjusted quarter-on-quarter annualized (SAAR) terms vs +2.4% in Q1), government consumption (+3.9% vs -0.1% in Q1), fixed investment (+5.3% vs -6.0% in Q1) and exports of goods and services (+15.1% vs +1.3% in Q1). In contrast, the reading for imports of goods and services softened in Q2 (+1.1% vs +13.1% in Q1).
Panelist insight: On the data and outlook, Desjardins’ Randall Bartlett said: “The increase in real GDP in Q2 2026 was led by a rebound in exports, which posted the largest quarterly advance since Q1 2023. Real investment also moved higher in Q2. Not to be outdone, real household spending gained ground for the third consecutive quarter. Real GDP per capita has now regained most of the ground lost since 2022. While the strong advance in Q2 real GDP is unambiguously good news, it’s important to not give it too much importance. All this data came before the recent escalation in trade tensions between the US and Canada. This is the downside risk to inflation that the Bank of Canada had been emphasizing.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Canadian GDP projections for the next ten years from a panel of 44 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Canadian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Canadian GDP projections.
Want to get access to the full dataset of Canadian GDP forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
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Australia: Economic growth rises in the second quarter of 2026 -
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