Canada GDP Growth Rate

Last Release

Sep 30, 2024

Actual

0.3

Units In

0.5

Frequency

Quarterly

Next Release

Feb 28, 2025

Time to Release

2 Months 28 Days 12 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 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.