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

April 30, 2024

Month-over-month (February 2024 vs January 2024)

Real Gross Domestic Product (GDP) in Canada increased by 0.15% in February 2024 following growth of 0.5% in January 2024. 

Real GDP in Canada's goods producing industries was virtually unchanged from January to February 2024.  

Real GDP in Canada's services-producing industries was up 0.2% from January to February.

Among broad industries, monthly GDP gains were strongest for mining, oil and gas and transportation and warehousing.  The largest declines were reported for management of companies and utilities.  

Year-to-date (January-February 2024 vs January-February 2023)

The Canadian economy was 0.8% larger in January-February 2024 when compared to the same period of 2023.

Real GDP from goods producing industries was down 1.5% with faster losses in agriculture, forestry and fishing (-3.8%) as well as construction (-3.4%).

Real GDP from services-producing industries was up 1.6% with gains in all industries except company management (-32.5%, though this is a small industry), arts/recreation (-1.4%), administrative/support/call centres (-0.3%) and information/culture (-0.3%). The strongest increases were in transportation/warehousing (+4.3%) and real estate/leasing (+2.5%).

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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