Canada GDP

Data GDP

Source: Statistics Canada
Source Link: https://www150.statcan.gc.ca/
Frequency: Monthly
Next Release(s): August 29th, 2025 8:30 AM

Latest Updates

Canada’s real GDP fell -0.1% MoM in May 2025, marking a second straight monthly contraction, as weakness in mining and retail offset gains in manufacturing and real estate.
- Manufacturing rebounded +0.7% MoM, with durable goods up +1.2% and non-durables up +0.2%, led by strong gains in chemicals and fabricated metals.
- Mining, quarrying, and oil & gas declined -1.0% MoM; oil sands extraction fell -3.0% due to maintenance disruptions.
- Retail trade fell -1.2% MoM, dragged down by motor vehicle & parts (-4.8%), food & beverage (-2.5%), and gas stations (-3.1%).
- Real estate and rental & leasing rose +0.3% MoM, with resale activity (+3.5%) recovering for a second straight month.
- Public sector output declined -0.2% MoM, driven by a -3.2% drop in federal government activity post-election.
- StatsCan’s advance estimate shows a +0.1% MoM rebound in June 2025, suggesting flat GDP for Q2 overall.
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Canada’s real GDP fell -0.1% MoM in April, reversing the 0.2% gain in March, as sharp declines in manufacturing and wholesale trade outweighed modest strength in services and public sector activity.
- Manufacturing dropped -1.9% MoM, the steepest since April 2021, with declines across both durable (-2.2%) and non-durable (-1.6%) goods; transportation equipment and petroleum products were key drags.
- Wholesale trade declined -1.9% MoM, its worst performance since June 2023, led by a -6.8% fall in motor vehicle wholesaling.
- Finance and insurance rose 0.7% MoM, driven by a 3.5% jump in investment services amid volatile equity market activity linked to U.S. tariff announcements.
- Public sector output increased 0.4% MoM, with a 2.2% rise in federal government activity tied to the Canadian election.
- Arts, entertainment and recreation surged 2.8% MoM, aided by strong spectator sports attendance during the NHL playoffs.
- Real GDP is expected to decline another -0.1% MoM in May 2025, with weakness in mining, public administration, and retail trade partly offset by gains in real estate and leasing.
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Canada’s real GDP grew 0.5% QoQ in Q1 2025, matching Q4 2024’s pace, driven by goods exports and business non-farm inventory accumulation, while final domestic demand was flat.
- GDP growth on an annualized basis was 2.2%, above expectations of a 1.7% gain.
- Exports rose 1.6% QoQ, led by passenger vehicles (+16.7%) and industrial machinery (+12.0%), while imports rose 1.1% QoQ on tariff-anticipation stocking.
- Household spending slowed to 0.3% QoQ (0.1% per capita), with gains in rent and financial services offset by lower auto purchases.
- Government consumption fell -0.1% QoQ, the weakest since Q4 2023.
- GFCF fell -0.8% QoQ with both business and government fixed capital formation down -0.8% QoQ each.
- Residential investment declined -2.8% QoQ, led by a sharp -18.6% drop in ownership transfer costs, despite gains in new construction (+1.7%) and renovations (+0.5%).
- Business investment was mixed: non-residential structures fell -1.6%, intellectual property products declined -0.4%, but machinery and equipment surged +5.3%.
- Compensation of employees rose 0.8% QoQ, with fastest wage growth in Saskatchewan, Alberta, and B.C.; household saving rate fell to 5.7% as consumption outpaced income growth.
Canada’s real GDP rose 0.1% MoM in March 2025, partially recovering from a -0.2% decline in February, driven by gains in goods-producing sectors and select services. Advance estimates suggest another 0.1% GDP increase in April.
- Mining, quarrying, and oil & gas extraction jumped 2.2% MoM, with crude petroleum rebounding and coal mining surging 16.8%.
- Construction grew 0.5% MoM, led by residential (+1.3%) and non-residential (+1.5%) building construction.
- Manufacturing fell -0.4% MoM, as both chemical (-6.1%) and machinery (-3.8%) manufacturing declined, partially offset by transportation equipment (+3.1%).
- Retail trade rose 0.8% MoM, boosted by motor vehicle & parts dealers (+4.0%).
- Utilities declined -4.1% MoM due to milder weather lowering electricity demand.
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Canada’s GDP fell -0.2% MoM (vs 0.0% MoM expected) in February, partially offsetting the 0.4% MoM increase in January.
- After driving growth in January, goods-producing industries (-0.6% MoM) drove the decline in February, as mining, quarrying, and oil and gas extraction and construction contributed the most to the aggregate's decline.
- Services-producing industries edged down -0.1% MoM in February as contractions in transportation and warehousing and real estate and rental and leasing were partially offset by a rise in finance and insurance.
- Overall, 12 of 20 industrial sectors declined in February.
- The mining, quarrying, and oil and gas extraction sector was the largest detractor from growth, down -2.5% MoM.
- Advance information indicates that real GDP increased 0.1% MoM in March.
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Real GDP grew 0.4% MoM in January, following a 0.3% MoM increase in December, with gains across both goods-producing (+1.1% MoM) and services-producing (+0.1% MoM) industries.
- Advance estimates suggest GDP was flat in February, with gains in manufacturing and finance offset by declines in real estate, oil & gas, and retail.
- Mining, quarrying, and oil & gas extraction expanded 1.8% MoM, with oil & gas extraction up 2.6% MoM (oil sands +3.6% MoM, conventional oil & gas +1.5% MoM).
- Manufacturing rebounded 0.8% MoM after two monthly declines, driven by durable goods (+2.0% MoM) and primary metal manufacturing (+4.8% MoM).
- Utilities rose 2.7% MoM, following a 5.0% MoM increase in December, with electric power generation up 2.8% MoM.
- Construction grew 0.7% MoM, led by residential building (+1.4% MoM) and non-residential building (+1.2% MoM).
- Retail trade declined -0.9% MoM, with motor vehicle & parts dealers down -3.2% MoM and food & beverage stores down -2.6% MoM.
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Canada’s GDP grew 0.6% QoQ in Q4 2024. The annualized rate was 2.6%, up from 2.2% and above the 1.9% expected annualized rate.
- Household spending increased 1.4% QoQ, the strongest since Q2 2022.
- In 2024 as a whole, spending grew 2.4% with goods spending up 1.6% and services spending up 3.0%.
- Higher spending on new trucks, vans and sport utility vehicles led the overall increase in the fourth quarter of 2024, followed by financial services and telecommunication services.
- Residential construction grew 3.9% in Q4 2024, the largest quarterly increase since Q1 2021. Despite the increase, it was down -1.1% in 2024 as a whole.
- Exports grew 1.8% QoQ, outpacing a 1.3% QoQ increase in imports.
GDP increased 0.2% MoM (vs 0.3% MoM expected) in December, and the preliminary estimate of January GDP growth is 0.3% MoM.
- Services output was up 0.2% MoM, and goods output was up 0.3% MoM.
- Retail trade increased 2.6% MoM, representing its largest monthly growth rate since June 2021.
- The manufacturing sector was the largest detractor to growth in December, decreasing 0.9% MoM, down for the sixth time in seven months.
- The utilities sector expanded 4.7% MoM, more than offsetting the previous month's -3.6% MoM decline.
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Canada’s GDP fell -0.2% MoM in November, the largest monthly contraction since December 2023, but a preliminary December reading shows growth bouncing back at 0.2% MoM. Goods-producing industries contracted -0.6% MoM in November, partially offsetting the increase recorded in October (+0.9% MoM), with mining, quarrying, and oil and gas extraction and utilities driving most of the decline.

After five consecutive monthly increases, the services-producing industries edged down 0.1% in November. The transportation and warehousing sector was the largest contributor to the decline, in large part resulting from work stoppages. Increases in activity in real estate and rental and leasing tempered the decline in the services-producing grouping.

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Canadian GDP grew 0.3% MoM in October (vs 0.1% MoM expected) as the goods sector reversed from 4 straight declines to increase 0.9% MoM. The services sector improved 0.1% MoM as real estate started to come back following rate cuts. Broadly, 12 out of 20 sectors expanded in October. Manufacturing specifically increased 0.3% MoM driven by non-durables up 1.2% MoM which was offset by a -0.4% MoM decline in durables.

The advance estimate for November is pointing to a -0.1% MoM decline in GDP which was lead by decreases in mining, quarrying, and oil and gas extraction, transportation and warehousing, and finance and insurance were partially offset by increases in accommodation and food services and real estate and rental and leasing.

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