The Toronto skyline in Canada

Canada GDP

Canada GDP

Economic Growth in Canada

Canada experienced stable but moderate GDP growth from 2013 to 2022. The 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. Post-pandemic recovery in 2021-2022 was supported by fiscal stimulus and rebounding global demand.

The Canadian economy recorded an average growth rate of 1.8% in the decade to 2022, in line with the 1.8% average for Major Economies. In 2022, the real GDP growth was 3.4%. For more GDP information, visit our dedicated page.

Canada GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Canada from 2013 to 2022.
Source: Statistics Canada.

Canada GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 2.7 1.9 -5.0 5.3 3.8
GDP (USD bn) 1,725 1,743 1,656 2,008 2,161
GDP (CAD bn) 2,236 2,314 2,221 2,517 2,813
Economic Growth (Nominal GDP, ann. var. %) 4.4 3.5 -4.0 13.4 11.8

Economic activity remains unchanged in October

GDP was flat in month-on-month seasonally adjusted terms in October for the third month in a row, weighed on by elevated interest rates, inflation, forest fires and drought conditions. On an annual basis, monthly GDP rose at a quicker rate of 0.9% in October (September: +0.7% yoy).

Flash data from the statistics office suggested that GDP was unchanged month on month in October: Mild growth in services was offset by lower manufacturing and agricultural output. A rebound in growth in the mining, quarrying and oil and gas extraction, and agriculture sectors, as well as an increase in retail trade offset decreases in construction and manufacturing. The economy, therefore, kicked off the fourth quarter flatlining; in order to meet the Central Bank’s forecast for a 0.8% annualized quarterly expansion in Q4, the economy will have had to gain notable steam in November and December to outweigh October’s result.

For Q4, our Consensus is for the economy to have broadly stagnated in seasonally adjusted annualized terms for the third straight quarter. Our panel expects growth to resume overall in 2024, though not before stagnating once more in Q1.

On the outlook, TD Economics’ economist Marc Ercolao commented: “October's GDP print ended up a little frosty against expectations that the economy would advance at a decent pace. With today's print and guidance for November, fourth-quarter GDP is tracking sub-1.0% quarter-on-quarter annualized.”

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 39 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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