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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

March 28, 2024

Month-over-month (January 2024 vs December 2023)

Real Gross Domestic Product (GDP) in Canada increased by 0.6% in January 2024 - the fastest pace of monthly growth since January 2023. 

Real GDP in Canada's goods producing industries increased by 0.2% from December to January.  

Real GDP in Canada's services-producing industries was up 0.7% from December to January.

Among broad industries, monthly GDP gains were strongest for education and utilities.  The only declines were reported in mining/oil/gas as well as construction.  

Year-over-year (January 2024 vs January 2023)

The Canadian economy was 0.9% larger in January 2024 when compared to the same month in 2023.

Real GDP from goods producing industries was down 1.1% with faster losses in agriculture, forestry and fishing (-4.6%) as well as construction (-3.5%).

Real GDP from services-producing industries was up 1.6% with gains in all industries except company management (-30.5%, though this is a small industry), administrative/support/call centres (-0.2%) and arts/recreation (-2.1%). The strongest increases were in transporation/warehousing (+3.6%) and real estate/leasing (+2.6%).

Source: Statistics Canada, Table 36-10-0434-01 Gross domestic product (GDP) at basic prices, by industry, monthly (x 1,000,000)

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