GDP growth moderates in the first quarter of the year: According to an advance estimate, Malaysia’s GDP grew 5.3% on...
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 decelerates in January
GDP reading: GDP was up 0.1% in seasonally adjusted month-on-month terms in January, following 0.2% growth in the prior month and above market expectations for a flat reading.
Drivers: Gains in mining, energy, construction and utilities drove January’s expansion, partly offset by declines in manufacturing and transport—the latter was linked to extreme weather conditions.
GDP outlook: GDP rose 0.2% month-on-month in February according to a flash estimate, driven by gains in manufacturing, mining and quarrying, and financial services, which outweighed declines in agriculture and forestry.
Panelist insight: On the data and outlook, TD Economics’ Marc Ercolao said: “Canada's economy looks to be off to a slightly better-than-expected start in 2026 after a lackluster fourth quarter. With January's print and a flash estimate for February, Q1-2026 growth is tracking in-line with historical trend growth, a view shared by both us and the Bank of Canada. It's worth noting that quarterly expenditure-based GDP growth has been particularly volatile due to sharp movements in trade and inventories, something not well captured in the monthly industry GDP accounts.”
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
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Malaysia: Economic growth eases in the first quarter of 2026 -
United Kingdom: GDP growth in February likely overstates economy’s true strength GDP reading: GDP rose 0.5% on a seasonally adjusted month-on-month basis in February, following a 0.1% increase in the prior... -
China: Economic growth rises in the first quarter of 2026 GDP reading: China’s GDP increased 5.0% in annual terms in Q1, following a 4.5% expansion in the previous quarter and... -
Singapore: Economic growth slows in the first quarter of 2026 GDP growth moderates in the first quarter of the year: According to an advance estimate, Singapore’s GDP expanded 4.6% in... -
Vietnam: Economic growth softens but remains solid in Q1 GDP growth surprises markets on the upside: Vietnam’s GDP expanded 7.8% on a year-on-year basis in Q1, following an over... -
Canada: Economic growth decelerates in January GDP reading: GDP was up 0.1% in seasonally adjusted month-on-month terms in January, following 0.2% growth in the prior month... -
Denmark: Revised figures confirm GDP growth decelerated in Q4 2025 Revision confirms the weakest GDP growth in three quarters: According to recently revised figures, Denmark’s GDP expanded 0.2% in seasonally...