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

May 31, 2024

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

Real Gross Domestic Product (GDP) in Canada was virtually unchanged (-0.002%) in March following growth of 0.2% in February 2024. 

Real GDP in Canada's goods producing industries was up 0.04% from February to March 2024.  

Real GDP in Canada's services-producing industries was down 0.02% from February to March 2024.

Among broad industries, monthly GDP gains were strongest for construction, agriculture/forestry/fishing, utilities and education.  The largest declines were reported for management of companies, wholesale trade and manufacturing.  

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

The Canadian economy was 0.7% larger in January-March 2024 when compared to the same period of 2023.

Real GDP from goods producing industries was down 1.6% with faster losses in agriculture, forestry and fishing (-3.1%).

Real GDP from services-producing industries was up 1.5% with gains in all industries except company management (-32.8%, though this is a small industry), arts/recreation (-1.4%), information/culture (-0.4%), and administrative/support/call centres (-0.2%). The strongest increases were in transportation/warehousing (+3.6%) and health/social assistance (+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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