GDP reading: GDP was up 0.5% on a seasonally adjusted month-on-month basis in April, following a 0.1% decline 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) | 506 | 550 | 549 | 567 | 581 |
| 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 |
Economy recovers in April
GDP reading: GDP was up 0.5% on a seasonally adjusted month-on-month basis in April, following a 0.1% decline in the prior month. April's reading was the strongest since July 2025.
Drivers: Goods-producing industries increased by 1.2% in April, supported by growth across most sectors and led by mining, quarrying, and oil and gas extraction. Services-producing industries rose by 0.3%, marking a third consecutive monthly gain, with the public sector and transportation and warehousing contributing most to the increase. In total, 14 of the 20 industrial sectors expanded in April.
GDP outlook: Advance estimates suggest that real GDP by industry rose 0.1% in May. Gains in finance and insurance, as well as real estate and rental and leasing, were partly offset by declines in wholesale trade and agriculture, forestry, fishing and hunting.
Panelist insight: Desjardins’ LJ Valencia said: “Our tracking suggests real GDP growth of around 1.5% annualized in Q2 2026. This is broadly in line with the Bank of Canada’s outlook published in the April 2026 Monetary Policy Report. The report should put to bed any remaining speculation that Canada might be in recession. Only four sectors showed declines in April, which is the opposite of a recession pattern. And some of the idiosyncratic headwinds of Q1, notably around the energy sector, are now behind, while the sector benefits from the spike in demand from alternative suppliers in the wake of the Iran conflict. Despite the positive news, the path ahead is volatile. Geopolitical tensions in the Middle East External link. remain elevated. In addition, the outcome of the Canada-United States-Mexico joint review remains unknown.”
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 43 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.
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