Canada GDP Growth Rate

Last Release

Dec 31, 2023

Actual

0.2

Units In

-0.3

Frequency

Quarterly

Next Release

May 31, 2024

Time to Release

1 Months 29 Days 10 Hours

Highest	Lowest	Average	Date Range	Source
9.1 Sep 2020	-11.3 Jun 2020	0.75 %	1961-2023	Statistics Canada

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.

Latest Updates

The Canadian economy expanded by 0.2% in the fourth quarter of 2023, recovering from a revised 0.1% contraction in the previous period, helped by higher exports. The country's exports of goods and services rebounded by 1.4%, largely due to crude oil and crude bitumen sales (+6.2%). Meanwhile, imports of goods and services declined by 0.4%. Additionally, household spending edged up by 0.2%, accelerating from a 0.1% rise in Q3. However, business investment dropped for the sixth time over the last seven quarters. On an annual basis, real GDP grew 1.1%, the third consecutive year of expansion but at the slowest pace since 2016 (2020 excluded), as the economy faced pressure from high-interest rates.