The Toronto skyline in Canada

Canada Economic Growth (Nominal GDP, ann. var. %)

Economic Growth in Canada

After flatlining in Q4, the economy appeared to perform well in Q1. GDP rose 0.5% month on month in January, topping market expectations, thanks to expansions in mining, construction, manufacturing and services. A flash estimate put the GDP expansion at 0.3% in February thanks to the mining, manufacturing and finance sectors. Moreover, job gains were three times higher than forecast in March, boding well for consumer spending. However, the rate-sensitive real estate sector was downbeat, with housing starts and prices falling in Q1 from Q4. In politics, the federal government published an expansionary budget in March: Over the next five years the country is expected to run a budget deficit and there will be new spending worth CAD 67 billion (USD 91 billion) on areas such as health and dental care, clean energy and cost-of-living measures. This will boost activity ahead.

Canada Economic Growth Chart

This chart displays Economic Growth (Nominal GDP, ann. var. %) for Canada from 2013 to 2022.

Canada Economic Growth Data

2017 2018 2019 2020 2021
Economic Growth (Nominal GDP, ann. var. %) 5.7 4.4 3.5 -4.5 13.6

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest