GDP reading: GDP increased 0.1% in seasonally adjusted month-on-month terms in August, following a 0.1% drop in the prior month...
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 2025 to 2020.
Source: Macrobond.
Canada GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (Real GDP, ann. var. %) | -5.0 | 6.0 | 4.2 | 1.5 | 1.6 |
| GDP (USD bn) | 1,656 | 2,022 | 2,190 | 2,174 | 2,243 |
| GDP (CAD bn) | 2,221 | 2,536 | 2,851 | 2,934 | 3,072 |
| Economic Growth (Nominal GDP, ann. var. %) | -4.0 | 14.2 | 12.4 | 2.9 | 4.7 |
Economy recovers in July
GDP reading: GDP increased 0.2% in seasonally adjusted month-on-month terms in July, following a 0.1% fall in the previous month and above the flash estimate of +0.1%.
Drivers: Mining, energy, manufacturing and services all grew in July.
GDP outlook: Early estimates suggest real GDP flatlined in August, as gains in wholesale and retail trade were cancelled out by declines in mining, oil and gas, manufacturing, and transportation and warehousing.
Panelist insight: TD Economics’ Marc Ercolao said: “Growth in Canada's tariff-impacted industries contributed most to July's brighter-than expected print. Stabilization across these sectors underpins our view that GDP growth in the third quarter is set to recover modestly after last quarter's trade-driven contraction.”
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 41 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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