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

September 29, 2023


Month-over-month (July 2023 vs June 2023)

Real Gross Domestic Product (GDP) in Canada was essentially unchanged (+0.01%) in July 2023 and at an annualized value of $2,082 billion (chained 2012 dollars at basic prices), following a 0.2% decline in June. Service-producing industries increased 0.1% in July while goods-producing industries declined 0.3%.             

Most goods-producing industries declined in July 2023. A gain in mining, oil and gas (+1.8%) was offset by declines in agriculture, forestry, fishing (-1.5%), utilities (-0.2%), and manufacturing (-1.5%). Construction GDP was unchanged.

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

Eight sub-sectors recorded growth in July . The largest gains were recorded in accommodation/food services (+2.3%), arts/recreation (+0.5%), wholesale (+0.3%), finance/insurance (+0.3%) and public administration. The largest declines were in information/culture (-0.9%) and management of companies (-0.6%).


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

The Canadian economy was 1.9% larger in the first seven months of 2023 when compared to the same period in 2022. 

Real GDP from goods producing industries was up 0.2% with faster gains in natural resources industries.  

Real GDP from services-producing industries was up 2.5% with year-to-date gains in most industries. The strongest increases were in arts/entertainment/recreation (+15.5%) as well as accommodation and food services (+9.3%). The largest decline was reported in management of companies (-30.0%).

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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