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. %) 2.8 1.9 -5.1 5.0 3.4
GDP (USD bn) 1,725 1,743 1,648 2,002 2,137
GDP (CAD bn) 2,236 2,314 2,210 2,510 2,783
Economic Growth (Nominal GDP, ann. var. %) 4.4 3.5 -4.5 13.6 10.9

Economic activity remains broadly stable in August

GDP was flat month-on-month in seasonally-adjusted terms in August (July: 0.0% mom), weighed on by interest rates, inflation, forest fires and drought conditions. On an annual basis, monthly GDP grew 0.9% in August, which was below July’s 1.1% expansion and marked the worst result since February 2021.

In August, mild growth in services was offset by lower manufacturing and agricultural output.

Flash data by the statistics office suggested that GDP was unchanged month on month in September, with decreases in mining, quarrying, and oil and gas extraction and utilities partially offset by increases in the construction and public sectors. This means the economy should have also flatlined in Q3 as a whole, which is broadly in line with our panelists’ projections but below the Central Bank’s forecast for a 0.8% annualized quarterly expansion. For Q4, our Consensus is currently for the economy to broadly stagnate for the third straight quarter.

On the outlook, TD Economics’ Marc Ercolao said: “Higher interest rates are certainly doing their part to tamp down excess demand, and we continue to expect below-trend growth for the next couple of quarters.”

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

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