What is the gross domestic product of Canada?
One of the most common metrics used in assessing a country or region’s economic performance is gross domestic product (GDP). The Business Development Bank of Canada (BDC) defines GDP as the total monetary value of all goods and services produced or bought during a specific period and within a country or region. More simply, GDP estimates the size of a country or region’s economy. In Canada, GDP data is compiled and published by Statistics Canada monthly, quarterly, or annually.
Calculating GDP is a complicated process and there are three primary methods used to arrive at the figures: income approach; expenditure approach; and the production approach. According to the BDC, the expenditure approach is the most common, therefore, GDP figures cited below are expenditure-based and reported in chained 2017 dollars unless otherwise stated.
In 2023, Canada’s GDP was $2.38 trillion, up 1.2% or about $40 billion from $2.34 trillion in 2022. The three sectors that contributed the most to Canada’s GDP were real estate and rental and leasing; manufacturing; and health care and social services. It was the second consecutive year real GDP (adjusted for inflation) increased in every province and territory except for Newfoundland and the Northwest Territories.
How does GDP compare regionally?
Ontario is the economic engine of the country accounting for almost 40% of Canada’s total GDP. In 2023, Ontario’s real GDP reached $932 billion, nearly double that of Quebec, and more than three times larger than the GDP of Newfoundland and Labrador, Prince Edward Island, New Brunswick, Nova Scotia, Saskatchewan, Manitoba, Yukon, Nunavut, and the Northwest Territories combined.
While it may boast the largest economy in the country, Ontario’s GDP growth rate of 1.7% lagged behind five other provinces — British Columbia (+2.4%), Alberta (+2.2%), Saskatchewan (+2.3%), Nova Scotia (+2.0%), and Prince Edward Island (+2.2%) and the territory of Nunavut whose GDP was up 3.2%. Meanwhile, Manitoba’s GDP grew at the same rate as Ontario and Quebec posted a modest increase of 0.6%. The GDP of Yukon also grew, increasing by 1.5%. Only the Northwest Territories and Newfoundland and Labrador experienced declines in GDP down 0.5% and 2.6% respectively.
Sources
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Statistics Canada is the national statistical office. The agency produces statistical data and insights to help Canadians better understand their country's population, resources, economy, society and culture. In addition to conducting a Census every five years, there are about 350 active surveys on virtually all aspects of Canadian life.
Agency URL
https://www.statcan.gc.ca/
Details
Table 36-10-0222-01 Gross domestic product, expenditure-based, provincial and territorial, annual (x 1,000,000)
Table 36-10-0434-06 Gross domestic product (GDP) at basic prices, by industry, annual average, industry detail (x 1,000,000) -
The BDC is a Canadian federal crown corporation whose mission is to support Canadian entrepreneurs by providing financing, capital and advisory services with a focus on small and medium sized enterprises.
Agency URL
https://www.bdc.ca/
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