GDP reading: Taiwan’s GDP expanded 12.9% in annual terms in Q2, following 14.5% growth in the prior quarter. Though down...
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 ebbs in May
GDP reading: GDP was up 0.3% on a seasonally adjusted month-on-month basis in May, following a 0.6% increase in the prior month.
Drivers: Real estate, public administration, mining and energy were key drivers in May. Overall, 13 of 20 industrial sectors contributed to growth.
GDP outlook: Preliminary estimates indicate that real GDP grew by 0.2% in June. Gains in wholesale trade, finance and insurance, and retail trade were partly offset by declines in utilities and in agriculture, forestry, fishing and hunting.
Panelist insight: On the data and outlook, TD Economics’ Marc Ercolao said: “This was a solid print coming off the heels of April's strong rebound. May's GDP gain reinforces confidence in the Bank of Canada's view that growth resumed in the second quarter, with real GDP tracking around 3.0% annualized, slightly ahead of the Bank's most recent forecast. It's increasingly looking like the stalling of growth in the first quarter was more reflective of temporary drags and volatility rather than a meaningful deterioration in underlying activity.”
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.
Latest Global GDP News
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Taiwan: Economic growth decelerates in the second quarter of 2026 -
Hong Kong: Economic growth decelerates in the second quarter of 2026 GDP reading: Hong Kong’s GDP increased 4.3% on a year-on-year basis in Q2, following a 5.9% expansion in the previous... -
Serbia: Economic growth accelerates in the second quarter of 2026 GDP reading: Serbia’s GDP increased 3.6% on a year-on-year basis in Q2, following a 3.2% expansion in the prior quarter.... -
Canada: Economic growth ebbs in May GDP reading: GDP was up 0.3% on a seasonally adjusted month-on-month basis in May, following a 0.6% increase in the... -
Costa Rica: Economic growth ebbs in the second quarter of 2026 GDP growth slows to over five-year low: According to a flash estimate, Costa Rica’s GDP grew 2.7% on a year-on-year... -
United States: Economic growth decelerates in the second quarter of 2026 GDP reading: The United States’ GDP expanded 1.5% on a seasonally adjusted quarter-on-quarter annualized (SAAR) basis in Q2, following 2.1%... -
Mexico: Economy recovers in Q2 2026 GDP reading: Mexico’s GDP increased 1.5% in seasonally adjusted quarter-on-quarter terms in Q2, following a 0.6% contraction in the previous...