GDP reading: Spain’s GDP increased 0.8% in seasonally adjusted quarter-on-quarter terms in Q4, following 0.6% growth 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 flatlines in November; small expansion expected in December
GDP reading: GDP flatlined in seasonally adjusted month-on-month terms in November, following a 0.3% drop in the prior month and below market expectations.
Drivers: Manufacturing and agriculture, forestry, fishing and hunting contracted during the month, offsetting gains in retail trade, educational services, and transportation. In particular, education and transportation benefited from the resumption of activity after strike action in October.
GDP outlook: Preliminary estimates suggest real GDP rose 0.1% in December, as gains in manufacturing and wholesale trade were partly offset by declines in mining, quarrying, and oil and gas extraction. This suggests that over Q4 as a whole the economy could have shrunk slightly from Q3.
Panelist insight: On the data and outlook, TD Economics’ Marc Ercolao said: “Canada's economy cruised into year-end at stall speed. With November's print and flash estimates for December, economic growth is tracking a mild contraction for Q4-2025. Quarterly growth over 2025 has been particularly volatile due to sharp movements in trade and inventories, something not well captured in the monthly industry GDP accounts. Accounting for recent discrepancies between the two measures, we expect GDP growth in Q4 to land roughly flat, in line with the Bank of Canada's (BoC) recent projections.”
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.
Latest Global GDP News
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