The Economics and Statistics Division maintains archives of previous publications for accountability purposes, but makes no updates to keep these documents current with the latest data revisions from Statistics Canada. As a result, information in older documents may not be accurate. Please exercise caution when referring to older documents. For the latest information and historical data, please contact the individual listed to the right.
<--- Return to Archive
For additional information relating to this article, please contact:
November 29, 2024CANADIAN ECONOMIC ACCOUNTS Q3 2024 
Canada’s Real Gross Domestic Product (GDP) grew at a seasonally adjusted annualized rate of 1.0% (all figures seasonally adjusted at annual rates) in the third quarter of 2024, following a 2.2% gain in Q2 2024.
Growth was driven by final consumption of both households and governments, by rising investment in residential structures and government assets, and by falling imports. There were offsetting declines in exports, non-residential investment and inventory investments.

Household consumption growth increased at a seasonally adjusted annualized rate of 3.5% in Q3. The increase was led by higher spending on new trucks, vans and SUVs, though spending declined for accommodation and food services. Government consumption expenditures increased by 4.5% with gains from all levels of government.

Residential investment rose by 3.0% in Q3 2024 - the first growth since Q3 2023.
Non-residential investment fell by 11.3% in Q3, on lower spending on machinery and equipment investment, particularly on aircraft and other transportation equipment and parts. There was a corresponding decline in imports of ships and aircraft as well.
Government investment was up 6.5% in Q3 2024.

Exports declined 1.1% in Q3 on weaker metals, light vehicles, and travel services exports. Imports declined by 0.4% led by lower imports of light vehicles as well as other transportation equipment and metal ores.

Investment in inventories was $17.3 billion in Q3, down from $24.9 billion in Q2.

Nominal GDP increased at a seasonally adjusted annualized rate of 3.4% in Q3, slowing from the 6.7% pace set in Q2 2024.

The overall GDP deflator (reflects overall price of domestically produced goods and services) increased by 2.2% on annualized basis.

Employee compensation (measured in current prices, not real volumes) was up by a seasonally adjusted annualized rate of 7.1% in Q3. Growth was led by increased wages in finance, insurance, real estate, company management and education. Statistics Canada notes that retroactive payments for new collective bargaining agreements in Québec and Ontario accounted for much of the employee compensation gains in education.

Lower net operating surplus for corporations (-11.2% seasonally adjusted annualized rate) was led by motor vehicles as well as wholesale and retail. Gains in oil/gas extraction and refining offset some of these declines. Net mixed income of unincorporated businesses was up 8.8% in Q3.

The household savings rate rose to 7.1% of disposable income in Q3 as rising disposable income outpaced increases in consumption while interest costs fell.

Source: Statistics Canada. Table 36-10-0103-01 Gross domestic product, income-based, quarterly (x 1,000,000), Table 36-10-0104-01 Gross domestic product, expenditure-based, Canada, quarterly (x 1,000,000), Table 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly
<--- Return to Archive