GDP reading: China’s GDP grew 4.5% on a year-on-year basis in Q4, following a 4.8% expansion in the previous quarter....
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 2014 to 2025.
Source: Macrobond.
Canada GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (Real GDP, ann. var. %) | -5.0 | 6.0 | 4.7 | 2.0 | 2.0 |
| GDP (USD bn) | 1,656 | 2,022 | 2,200 | 2,197 | 2,270 |
| GDP (CAD bn) | 2,221 | 2,536 | 2,864 | 2,965 | 3,109 |
| Economic Growth (Nominal GDP, ann. var. %) | -4.0 | 14.2 | 12.9 | 3.5 | 4.8 |
Economy slips into contraction in October
GDP reading: GDP was down 0.3% on a seasonally adjusted month-on-month basis in October, following 0.2% growth in the previous month. October's reading was the weakest since April 2021.
Drivers: Manufacturing output declined by 1.5% in October, effectively reversing the gains recorded in September, as weakness across both durable and non-durable goods industries exerted a significant drag on activity. Output in services-producing industries edged down 0.2%, reflecting the impact of several labour disruptions that constrained overall performance. Meanwhile, activity in mining, quarrying, and oil and gas extraction fell by 0.6% during the month, more than erasing the prior month’s increase.
GDP outlook: Preliminary estimates suggest that real GDP rose marginally by 0.1% in November. Gains in educational services, construction, and transportation and warehousing were partly counterbalanced by declines in manufacturing as well as in mining, quarrying, and oil and gas extraction.
Panelist insight: On the data and outlook, TD Economics’ Marc Ercolao said: “After an upside surprise to growth in the third quarter, [the latest] GDP data together with November guidance indicate that fourth-quarter GDP growth is tracking roughly flat. Tariff-impacted industries showed some strain in October after gradually recovering in prior months. The expectation is that overall economic growth will remain subdued over the next quarter or two before gradually recovering over the medium-term.”
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 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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