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 2022 to 2020.
Source: Macrobond.
Canada GDP Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 1.9 | -5.0 | 6.0 | 4.2 | 1.5 |
GDP (USD bn) | 1,743 | 1,656 | 2,022 | 2,190 | 2,174 |
GDP (CAD bn) | 2,314 | 2,221 | 2,536 | 2,851 | 2,934 |
Economic Growth (Nominal GDP, ann. var. %) | 3.5 | -4.0 | 14.2 | 12.4 | 2.9 |
Economy contracts at sharpest pace since December 2022 in November
GDP reading: GDP fell 0.2% month-on-month in seasonally adjusted terms in November (October: +0.3% mom). November's outturn marked the worst reading since December 2022, and was partly caused by work stoppages hitting transport activity and mild weather plus drought dampening utilities output. an annual basis, monthly GDP grew 1.5% in November, which was below October’s 1.9% expansion.
Drivers: 13 of 20 sectors shrank in November. Goods-producing industries fell notably led by declines in mining, oil and gas, and utilities. Moreover, services edged down after five months of growth.
GDP outlook: Preliminary data shows a 0.2% rise in real GDP for December, driven by gains in retail, manufacturing, and construction, partially offset by declines in transportation, real estate, and wholesale trade. This would put the Q4 expansion at 1.8% in quarter-on-quarter annualized terms. That said, economic activity from Q1 2025 onwards will be dented by U.S. trade restrictions.
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 44 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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