Canada GDP Growth Rate

Last Release

Jun 30, 2024

Actual

0.5

Units In

0.4

Frequency

Quarterly

Next Release

Nov 29, 2024

Time to Release

2 Months 28 Days 13 Hours

Highest	Lowest	Average	Date Range	Source
9.1 Sep 2020	-11.3 Jun 2020	0.75 %	1961-2024	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 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%.