Canada GDP Growth Rate

Last Release

Dec 31, 2024

Actual

0.6

Units In

0.3

Frequency

Quarterly

Next Release

May 30, 2025

Time to Release

2 Months 28 Days 15 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 rose by 0.6% over a quarter in the three months to December of 2024, following an upwardly revised 0.3% increase in the prior period. Growth was largely driven by a 1.4% rise in household final consumption expenditures, marking the strongest growth since Q2 2022, due to higher spending on new trucks, vans, and sport utility vehicles, as well as increased outlays on financial services, telecommunications, and other consumer goods.. Also, business investment in non-residential structures rose 0.7%, led by a 1.6% increase in building construction. Exports of goods and services surged 1.8%, rebounding from a 0.2% decline in the third quarter, driven by higher exports of unwrought gold, silver, platinum group metals, crude oil, bitumen, and passenger cars. Imports of goods and services rose 1.3%, reversing a 0.3% drop in the previous quarter, driven by purchases of metal ores and concentrates, pharmaceutical and medicines and other transportation equipment and parts.