GDP reading: Hong Kong’s GDP expanded 5.9% in annual terms in Q1, following 4.0% growth in the previous quarter and...
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
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Economic Growth (Real GDP, ann. var. %) | 6.0 | 4.7 | 2.0 | 2.0 | 1.3 |
| GDP (USD bn) | 2,023 | 2,200 | 2,197 | 2,269 | 2,299 |
| GDP (CAD bn) | 2,536 | 2,864 | 2,965 | 3,109 | 3,211 |
| Economic Growth (Nominal GDP, ann. var. %) | 14.2 | 12.9 | 3.5 | 4.8 | 3.3 |
Economic growth rises in February
GDP reading: GDP rose 0.2% in seasonally adjusted month-on-month terms in February, following a 0.1% increase in the prior month.
Drivers: Expansions in manufacturing, mining, transport and wholesale trade outweighed a contraction in the public sector.
Prediction for March suggests solid Q1 outturn: Preliminary data suggest that real GDP was broadly flat in March. Gains in wholesale trade and transportation and warehousing were counterbalanced by declines in retail trade and in mining, quarrying, and oil and gas extraction.
Panelist insight: On the data and outlook, TD Economics’ Marc Ercolao said: “Canada's economy looks to be off to a solid start in 2026 after GDP contracted in Q4-2025. With February's print and a flash estimate for March, Q1-2026 growth is tracking around 1.7%, broadly consistent with the Bank of Canada's recently updated economic projections and our own forecast.”
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 42 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.
Latest Global GDP News
-
Hong Kong: Economic growth picks up in the first quarter of 2026 -
Saudi Arabia: Economic growth slows in the first quarter of 2026 U.S.-Iran war weighs heavily on GDP growth: According to a preliminary reading, Saudi Arabia’s GDP increased 2.8% on a year-on-year... -
Mexico: Economy slips into contraction in the first quarter of 2026 GDP reading: Mexico’s GDP contracted 0.8% on a seasonally adjusted quarter-on-quarter basis in Q1, following 0.9% growth in the previous... -
Germany: Economic growth accelerates in the first quarter of 2026 GDP reading: Germany’s GDP grew 0.3% on a seasonally adjusted quarter-on-quarter basis in Q1, following 0.2% growth in the previous... -
France: Economy stagnates in Q1 2026 GDP reading: France’s GDP was stable in seasonally adjusted quarter-on-quarter terms in Q1, following 0.2% growth in the prior quarter... -
Spain: Economic growth slows in the first quarter of 2026 GDP reading: Spain’s GDP expanded 0.6% on a seasonally adjusted quarter-on-quarter basis in Q1, following a 0.8% expansion in the... -
Canada: Economic growth rises in February GDP reading: GDP rose 0.2% in seasonally adjusted month-on-month terms in February, following a 0.1% increase in the prior month....