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

April 28, 2023

Month-over-month (February 2023 vs January 2023)

Real Gross Domestic Product (GDP) in Canada increased (+0.1%) to an annualized value of $2,083 billion (chained 2012 dollars at basic prices) in February 2023. The increase in February followed a gain (+0.6%) in January and was supported by gains in both goods and services producing sectors. 

Canada's goods-producing sector output increased 0.1% from January to February 2023. Gains in mining, oil and gas (+0.1%), utilities (+0.6%), and construction (+0.3%) were partially offset by declines in manufacturing (-0.1%) and agriculture, forestry, and fishing (-0.9%).

Real GDP in Canada's services-producing industries was up 0.1% from January to February 2023.

Nine sub-sectors recorded growth in February. The largest gains were recorded in professional and technical services (+0.6%) and education (+0.5%). The largest declines were recorded in management of companies (-2.4%), arts and recreation (-1.4%), and wholesale trade (-1.3%). 

Year-to-Date (January-February 2023 vs January-February 2022)

The Canadian economy was 2.8% larger in the first two months of 2023 when compared to the same period in 2022. 

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 3.2% with year-to-date gains in most industries. The strongest increases were in arts/entertainment/recreation (+33.2%) as well as accommodation and food services (+24.3%). The largest decline was reported in management of companies (-31.2%).

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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