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

May 31, 2023

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

Real Gross Domestic Product (GDP) in Canada was unchanged in March 2023 and remained at annualized value of $2,083 billion (chained 2012 dollars at basic prices), following a 0.1% growth in February. Services producing industries were also flat in March while goods producing industries declined 0.1%.

Canada's goods-producing sector output declined 0.1% from February to March 2023. Gains in mining, oil and gas (+1.2%), utilities (+0.1%) were offset by declines in agriculture, forestry, and fishing (-1.2%), manufacturing (-0.6%), and construction (-0.1%).

Real GDP in Canada's services-producing industries was uchanged from February to March 2023. 

Ten sub-sectors recorded growth in February. The largest gains were recorded in arts and recreation (+0.7%), other services (+0.5%), and education (+0.4%). The largest declines were recorded in accommodation and food services (-2.2%), management of companies (-1.3%), and retail trade (-0.8%).

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

The Canadian economy was 2.5% larger in the first three months of 2023 when compared to the same period in 2022. 

Real GDP from goods producing industries was up 1.1% with faster gains in natural resources industries.  

Real GDP from services-producing industries was up 2.9% with year-to-date gains in most industries. The strongest increases were in arts/entertainment/recreation (+27.2%) as well as accommodation and food services (+18.7%). The largest decline was reported in management of companies (-31.5%).

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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