Highlights: All Canadian provinces show GDP growth except one-StatCan
- All provinces in Canada have reported a GDP growth except for Newfoundland and Labrador.
- The annual real GDP by increased by 1.2% in Canada in 2023.
- Economic growth shot up by 3.4% in the Canadian province of Nunavut.
- Ontario alone contributed towards a 1.2% increase in Canada's national GDP.
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Economic Growth in Canada
All Canadian provinces reported a growth in the real Gross Domestic Product (GDP), except Newfoundland and Labrador. Nunavut reported an increase of 3.4% in the national economy's growth rate in 2023.
Economic activity increased with the rapid growth of the population in Canadian provinces. Service-producing industries across all Canadian provinces also reported high output, which led to overall economic growth in Canada.
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Contributors to economic growth in Canada
According to recent reports, Ontario was the largest contributor to Canada's GDP growth. The province alone accounted for almost half of the 1.2% rise in GDP in Canada.
The table below lists the Canadian provinces that contributed the most towards the economic growth in Canada:
|
Canadian Province |
% of contribution |
|
Ontario |
0.60 |
|
British Columbia |
0.23 |
|
Alberta |
0.22 |
|
Saskatchewan |
0.06 |
|
Quebec |
0.05 |
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Increase in service-producing industries across provinces.
Rapid growth in service-producing industries in certain Canadian provinces contributed to the overall GDP growth in Canada. Prince Edward Island tops the list of Canadian provinces, reporting an increment of 3% in service-producing industries.
The table below shows the Canadian provinces that had a rapid surge in service-producing industries in 2023:
|
Canadian province |
Sectors |
% of contribution |
|
Prince Edward Island |
Real estate and rental and leasing |
4.5% |
|
Public Administration |
3.8% |
|
|
Food services and drinking places |
7.7% |
|
|
Alberta |
Food services and drinking places |
7.8% |
|
Ontario |
Arts and Entertainment |
18.6% |
|
Manitoba |
Arts and Entertainment |
12.3% |
|
Air transportation |
34.7% |
|
|
Quebec |
Air transportation |
34.2% |
|
British Columbia |
Air transportation |
31.4% |
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Industry-wise breakdown of provinces contributing to GDP growth
The table below provides details about the Canadian provinces and the amount of contribution from different industrial sectors:
|
Industrial Sectors |
Provinces |
% of contribution |
|
Good-producing industry |
Nunavut |
5.8% |
|
Saskatchewan |
0.9% |
|
|
New Brunswick |
0.7% |
|
|
Prince Edward Island |
0.2% |
|
|
Construction |
Nunavut |
68% |
|
Agriculture, forestry, fishing and hunting |
Manitoba |
0.9% |
|
Ontario |
1.7% |
|
|
Conventional oil and gas Extraction |
Alberta |
1.6% |
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