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

March 31, 2023

Month-over-month (January 2023 vs December 2022)

Real Gross Domestic Product (GDP) in Canada increased  (+0.5%) to an annualized value of $2,079 billion (chained 2012 dollars at basic prices) in January 2023. The increase in January followed a slight decline (-0.1%) in December and was supported by gains in both goods and services producing sectors. 

Canada's goods-producing sector output increased 0.4% from December 2022 to January 2023. Gains in mining, oil and gas (+1.1%), construction (+0.7%) and manufacturing (+0.5%) were partially offset by declines in utlities (-1.8%) and agriculture, forestry, and fishing (-1.1%).

Real GDP in Canada's services-producing industries was up 0.6% from December to January 2023.

All sub-sectors recorded positive growth in January except management of companies (-3.2%). The largest gain were recorded in accommodations/food services (+4.0%), arts and recreation (+2.1%), and transportation and warehousing (+1.9%). 

Year-over-Year (January 2023 vs January 2022)

The Canadian economy increased 3.0% year over year in January 2023.

Real GDP from goods producing industries was up 1.7% with faster gains in natural resources industries.  

Real GDP from services-producing industries was up 3.5% with year-over-year gains in all industries except management of companies (-31.0%). The strongest increases were in arts/entertainment/recreation (+37.5%) as well as accommodation and food services (+32.8%). There were notable increases in transportation/warehousing (+12.5%), personal and repair services (+6.8%), and professional/technical services (+5.8%).

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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