Canada GDP per Capita: Overview and Outlook
Current GDP per Capita
Canada's GDP per capita is currently around USD 55,000, affirming its position as a highly developed and prosperous economy.
Historical Changes in Canada's GDP per Capita
Canada's economy has shown solid economic growth since 2000, with its path heavily influenced by commodity prices and the fortunes of its neighbour and top trading partner, the United States. The early to mid-2000s were a period of strong per capita GDP growth, driven by a boom in Canada's oil sands and other natural resources as well as higher prices for key commodity exports. Canada navigated the 2008 Global Financial Crisis relatively well, experiencing a shallower recession and a quicker recovery than many peers, partly due to its well-regulated banking sector.
The post-GFC years saw more moderate economic growth, with the collapse in oil prices in 2014 creating a significant headwind. The strengthening of the USD in the decade after the GFC, together with lower oil prices, weighed on Canada's GDP per capita figures.
GDP per Capita Predictions for the Coming Years
The coming years should see a return to a path of steady and sustained growth in GDP per capita, reflecting stronger economic growth than the G7 average and a strengthening Canadian dollar.
Want to get concrete forecasts for Canada's GDP per capita for the coming years? FocusEconomics collects GDP per capita projections out to 2035 from a panel of 12 analysts at the leading national, regional and global forecast institutions. To get in touch with our team for more information, fill in the form here.
Key Factors to Watch
A critical factor for Canada's long-term economic outlook is tackling its persistent productivity problem; productivity growth in Canada has recently lagged behind that in the U.S. Fostering greater innovation and reducing internal trade barriers between provinces will be key policy measures to take.
A second key challenge is the housing market. While a long housing boom supported economic growth in the past, it has led to extreme affordability issues and high levels of household debt, posing a risk to financial stability. Policies that can increase housing supply without creating a market crash with negative spillovers to the broader economy are crucial.
Finally, navigating the green energy transition will be paramount. Canada will need to juggle its significant oil and gas sector while leveraging its strengths in clean energy, such as hydropower and critical minerals, to remain competitive in a decarbonizing world.
Canada GDP Per Capita Chart
Note: This chart displays GDP per capita (USD) for Canada from 2024 to 2016.
Source: Macrobond.
Canada GDP Per Capita Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| GDP per Capita (USD) | 43,574 | 52,915 | 56,342 | 54,388 | 54,518 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Canadian GDP Per Capita projections for the next ten years from a panel of 22 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 Per Capita forecast available for Canadian GDP Per Capita.
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