The Canadian GDP expanded by 0.3% from the earlier quarter in the three months to September of 2024, slowing from 0.5% expansions in the first two quarters of the year, in line with market expectations. Economic growth was carried by household consumption (0.9%) amid increases for new trucks, vans, and sport utility vehicles, and higher demand for financial services. Growth was also robust for government expenditure (1.1%) amid higher spending at all levels of government. These were offset by slowing non-farm inventory accumulations, largely seen in motor trades, and lower business capital investment due to less spending on machinery and equipment. Lastly, net domestic demand contributed negatively to the GDP as exports of goods and services contracted 0.3%, compared to a slower 0.1% drop in imports. In annualized terms, the Canadian economy expanded by 1% in the period. source: Statistics Canada

The Gross Domestic Product (GDP) in Canada expanded 0.30 percent in the third quarter of 2024 over the previous quarter. GDP Growth Rate in Canada averaged 0.76 percent from 1961 until 2024, 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 January of 2025.

The Gross Domestic Product (GDP) in Canada expanded 0.30 percent in the third quarter of 2024 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 and 0.80 percent in 2026, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-08-30 12:30 PM QoQ Q2 0.5% 0.4% 0.5%
2024-11-29 01:30 PM QoQ Q3 0.3% 0.5% 0.4%
2025-02-28 01:30 PM QoQ Q4 0.3% 0.5%


Related Last Previous Unit Reference
GDP Annual Growth Rate 1.50 1.10 percent Sep 2024
GDP Constant Prices 2419572.00 2413400.00 CAD Million Sep 2024
GDP from Agriculture 40535.00 40458.00 CAD Million Oct 2024
GDP from Construction 165526.00 164849.00 CAD Million Oct 2024
GDP from Manufacturing 205694.00 205009.00 CAD Million Oct 2024
GDP from Mining 119083.00 116327.00 CAD Million Oct 2024
GDP from Public Administration 168704.00 168379.00 CAD Million Oct 2024
GDP from Services 1698774.00 1696938.00 CAD Million Oct 2024
GDP from Transport 102537.00 102289.00 CAD Million Oct 2024
GDP from Utilities 46004.00 45833.00 CAD Million Oct 2024
GDP Growth Rate Annualized 1.00 2.20 percent Sep 2024
GDP Growth Rate 0.30 0.50 percent Sep 2024
Gross Fixed Capital Formation 506865.00 509326.00 CAD Million Sep 2024
Gross National Product 3035044.00 2998524.00 CAD Million Sep 2024

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
0.30 0.50 9.10 -11.00 1961 - 2024 percent Quarterly


News Stream
Canada GDP Expands by 0.3% in Q3
The Canadian GDP expanded by 0.3% from the earlier quarter in the three months to September of 2024, slowing from 0.5% expansions in the first two quarters of the year, in line with market expectations. Economic growth was carried by household consumption (0.9%) amid increases for new trucks, vans, and sport utility vehicles, and higher demand for financial services. Growth was also robust for government expenditure (1.1%) amid higher spending at all levels of government. These were offset by slowing non-farm inventory accumulations, largely seen in motor trades, and lower business capital investment due to less spending on machinery and equipment. Lastly, net domestic demand contributed negatively to the GDP as exports of goods and services contracted 0.3%, compared to a slower 0.1% drop in imports. In annualized terms, the Canadian economy expanded by 1% in the period.
2024-11-29
Canada GDP Grows at Faster 0.5% in Q2
The Canadian economy advanced by 0.5% in the second quarter of 2024, following a 0.4% rise in the previous period marking its second consecutive quarter of expansion. This growth was primarily driven by a 1.5% rise in government spending, fueled by higher wages, and a rebound in federal, provincial, and territorial government purchases of goods and services, which had previously declined. Business investment in machinery and equipment surged by 6.5%, led by increased spending on aircraft and transportation equipment. In contrast, household spending slowed to 0.2% in Q2, down from 0.9% in Q1, as higher spending on services (+0.5%) was offset by reduced purchases of goods (-0.2%). Exports and housing investment both declined, by 0.4% and 1.9% respectively. On an annualized basis, Canadian GDP grew by 2.1% in Q2, the highest since Q1 2023, accelerating from an upwardly revised 1.8% increase in the previous quarter and exceeding forecasts of 1.6%.
2024-08-30
Canada GDP Expands 0.4% in Q1
The Canadian economy expanded by 0.4% in the first quarter of 2024, accelerating from a downwardly revised flat reading in the previous period. This growth was primarily fueled by a 0.7% increase in household spending, with a notable 1.1% rise in spending on services such as telecommunications, rent, and air transport. Imports of goods and services saw a modest increase of 0.4%, while exports experienced a slightly higher rise of 0.5%. Business capital investment also climbed by 0.8%, driven mainly by increased spending on engineering structures, particularly in the oil and gas sector. On an annual basis, real GDP expanded by 1.7%, the highest rate since the first quarter of 2023, though it fell short of market expectations of a 2.2% growth.
2024-05-31