The Canadian economy expanded by 0.2% in the fourth quarter of 2023, recovering from a revised 0.1% contraction in the previous period, helped by higher exports. The country's exports of goods and services rebounded by 1.4%, largely due to crude oil and crude bitumen sales (+6.2%). Meanwhile, imports of goods and services declined by 0.4%. Additionally, household spending edged up by 0.2%, accelerating from a 0.1% rise in Q3. However, business investment dropped for the sixth time over the last seven quarters. On an annual basis, real GDP grew 1.1%, the third consecutive year of expansion but at the slowest pace since 2016 (2020 excluded), as the economy faced pressure from high-interest rates. source: Statistics Canada

The Gross Domestic Product (GDP) in Canada expanded 0.20 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in Canada averaged 0.76 percent from 1961 until 2023, reaching an all time high of 9.10 percent in the third quarter of 2020 and a record low of -11.00 percent in the second quarter of 2020. This page provides - Canada GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.

The Gross Domestic Product (GDP) in Canada expanded 0.20 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in Canada is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Canada GDP Growth Rate is projected to trend around 1.00 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-11-30 01:30 PM QoQ Q3 -0.3% 0.3% 0.0%
2024-02-29 01:30 PM QoQ Q4 0.2% -0.1% 0.3%
2024-05-31 12:30 PM QoQ Q1 0.2% 0.5%


Related Last Previous Unit Reference
GDP Annual Growth Rate 0.93 0.50 percent Dec 2023
GDP Constant Prices 2355149.00 2349328.00 CAD Million Dec 2023
GDP from Agriculture 40445.00 40241.00 CAD Million Jan 2024
GDP from Construction 161094.00 161921.00 CAD Million Jan 2024
GDP from Manufacturing 213686.00 211711.00 CAD Million Jan 2024
GDP from Mining 113645.00 115867.00 CAD Million Jan 2024
GDP from Public Administration 166108.00 165896.00 CAD Million Jan 2024
GDP from Services 1642851.00 1630941.00 CAD Million Jan 2024
GDP from Transport 92499.00 92172.00 CAD Million Jan 2024
GDP from Utilities 45327.00 43927.00 CAD Million Jan 2024
GDP Growth Rate Annualized 1.00 -0.50 percent Dec 2023
GDP Growth Rate 0.20 -0.10 percent Dec 2023
Gross Fixed Capital Formation 493166.00 497999.00 CAD Million Dec 2023
Gross National Product 2903940.00 2861864.00 CAD Million Dec 2023

Canada GDP Growth Rate
Canada's economy is diversified and highly developed. Foreign trade is responsible for about 45 percent of the nation's GDP and the United States is by far the largest trade partner. On the expenditure side, household consumption is the main component of GDP and accounts for 58 percent of its total use, followed by gross fixed capital formation (22 percent) and government expenditure (19 percent). Exports of goods and services account for 32 percent of GDP while imports account for 33 percent, subtracting 1 percent of total GDP. Non-profit institutions serving households' final consumption expenditure and investment in inventories account for the remaining 2 percent.
Actual Previous Highest Lowest Dates Unit Frequency
0.20 -0.10 9.10 -11.00 1961 - 2023 percent Quarterly

News Stream
Canada GDP Returns to Growth in Q4
The Canadian economy expanded by 0.2% in the fourth quarter of 2023, recovering from a revised 0.1% contraction in the previous period, helped by higher exports. The country's exports of goods and services rebounded by 1.4%, largely due to crude oil and crude bitumen sales (+6.2%). Meanwhile, imports of goods and services declined by 0.4%. Additionally, household spending edged up by 0.2%, accelerating from a 0.1% rise in Q3. However, business investment dropped for the sixth time over the last seven quarters. On an annual basis, real GDP grew 1.1%, the third consecutive year of expansion but at the slowest pace since 2016 (2020 excluded), as the economy faced pressure from high-interest rates.
2024-02-29
Canadian GDP Unexpectedly Contracts in Q3
The Canadian GDP contracted by 0.3% in the third quarter of 2023, marking its first decline since the second quarter of 2021 and compared to a revised 0.3% expansion in the previous period. The result underscored that higher interest rates from the Bank of Canada are being transmitted to a greater extent to the Canadian economy, backtracking from robust growth earlier in the year. The Canadian GDP was pressured by a 1.3% decline in the exports of goods and services, largely due to a 25.4% slump in foreign sales of refined petroleum energy, while imports of goods and services eased by a slower 0.2%. Additionally, inventories accumulated at their slowest pace in two years amid the first inventory withdrawal for manufacturers in six quarters. In the meantime, household expenditures were broadly flat. On annualized terms, the Canadian GDP contracted by 1.1% in the period, a sharp contrast from market expectations of a 0.2% expansion.
2023-11-30
Canadian GDP Unexpectedly Stalls
The Canadian GDP stalled in the second quarter of 2023, missing market expectations of a 0.3% expansion and failing to build on the 0.6% growth rate in the previous three-month period. The result underscored that higher interest rates from the Bank of Canada are being transmitted at a greater extent to the Canadian economy, backtracking from robust growth earlier in the year. Investment in inventories fell by CAD 5.03 billion in the period, extending the CAD 8.18 billion drop from the earlier quarter, while housing investment shrank by 2.1% to consolidate the effect of higher borrowing costs and their pressure on mortgage demand. Additionally, imports of goods and services jumped by 0.5%, more than offsetting a 0.1% increase in exports to spark a negative growth contribution from net foreign demand. Meanwhile, final consumption expenditure advanced 0.2%. On an annualized basis, the Canadian GDP contracted by 0.2%, well below market expectations of a 1.2% expansion.
2023-09-01