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February 28, 2025CANADIAN ECONOMIC ACCOUNTS Q4 AND ANNUAL 2024 
Canada’s Real Gross Domestic Product (GDP) grew at a seasonally adjusted annualized rate of 2.6% (all figures seasonally adjusted at annual rates) in the fourth quarter of 2024, following a 2.2% gain in Q3 2024.
Growth was driven by final consumption of both households and governments as well as by rising investment (residential, non-residential and government assets), and by exports. There were offsetting declines in inventory investments and increases in imports
Household consumption growth increased at a seasonally adjusted annualized rate of 5.6% in Q4. The increase was led by higher spending on new trucks, vans and SUVs, along with financial and telecommunications services. Government consumption expenditures increased by 1.4%.
Residential investment rose by 16.7% in Q4 2024 - accelerating the rebound started in Q3.
Non-residential investment rose by 8.0% in Q4, on higher non-residential building construction and machinery and equipment investment.
Government investment was up 6.7% in Q4 2024.
Exports rebounded by 7.4% in Q4 on higher precious metals and crude oil shipments. Imports also rebounded, rising by 5.4% on higher metal ores, pharmaceuticals and transportation equipment.
Investment in inventories was -$1.5 billion in Q4.
Nominal GDP increased at a seasonally adjusted annualized rate of 6.4% in Q4, rebounding from the 4.3% pace set in Q3 2024.
The overall GDP deflator (reflects overall price of domestically produced goods and services) increased by 3.5% on annualized basis.
Employee compensation (measured in current prices, not real volumes) was up by a seasonally adjusted annualized rate of 4.2% in Q4. Growth was led by services industries, despite a decline in employee compensation associated with a Canada Post strike.
Including mixed income from unincorporated businesses, property income (such as interest and dividends from financial assets), current transfers (such as CPP and EI) with employee compensation, Canada's overall household income grew at a seasonally adjusted annualized rate of 3.4% in Q4 2024. Household investment earnings fell in Q4.
The household savings rate fell to 6.1% of disposable income in Q4 as disposable income growth fell short of the increases in consumption.
Net operating surplus for corporations rebounded at a 33.9% seasonally adjusted annualized growth rate, with strength in manufacturing, wholesale and construction along with widespread gains across services industries. Net mixed income of unincorporated businesses was up 11.3% in Q4.
Annual
For 2024 as a whole, Canada's real GDP grew by 1.5% - the same pace as reported in 2023.
Canada's real household consumption expenditures increased by 2.4% in 2024, accelerating from 2023.
Canadian real government spending grew by 3.2% in 2024, accelerating from its pace in 2023.
Despite a strong end of the year, weakness in the first half dragged Canada's real residential construction investment down 1.1% overall in 2024.
Real non-residential investments (structures, machinery, equipment) declined by 1.9% in Canada in 2024, mostly on falling building construction.
Canada's export growth slowed to 0.6% in 2024.
Import growth remained weak, rising by just 0.6% in real terms in 2024.
Canada's nominal GDP increased by 4.6% in 2024, up from the 2.9% pace set in 2023.
Canada's broad GDP price deflator increased by 3.0% in 2024, up from 1.4% in 2023.
Employee compensation growth remained strong at 5.9% in 2024.
Combining strong employee compensation growth with net mixed income, property income receipts and current transfer income, Canada's overall household income increased by 7.5% in 204, slowing slightly from 7.7% in 2023.
The net operating surplus of corporations declined for a second straight year, falling by 4.2% in 2024.
Canada's net mixed income of unincorporated businesses accelerated again in 2024, rising by 12.4%.
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; Table 36-10-0130-01 Gross domestic product price indexes, annual (2017=100); Table 36-10-0699-01 Gross domestic product, expenditure-based, Canada, annual (x 1,000,000)
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