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

November 30, 2023


Month-over-month (September 2023 vs August 2023)

Real Gross Domestic Product (GDP) in Canada edged up slightly (+0.1%) in September 2023 and at an annualized value of $2,205 billion (chained 2012 dollars at basic prices). Service-producing industries remained virtually unchanged (+0.03%) in September while goods-producing industries grew 0.3%.

Three of five goods-producing industries grew in September 2023. Declines in mining, oil and gas (-1.8%) and agriculture, forestry, and fishing (-1.4%) were offset by growth in utilities (+0.4%), construction (+1.0%), and manufacturing (+0.9%).

Real GDP in Canada's services-producing industries was virtually unchanged (+0.03%) from August to September 2023.

Seven sub-sectors recorded growth in September. The largest gains were recorded in accommodation and food services (+0.6%), education (+0.3%), retail (+0.3%), and wholesale (+0.5%). The largest declines were in management of companies (-6.6%) and arts and recreation (-2.1%), .


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

The Canadian economy was 1.5% larger in the first nine months of 2023 when compared to the same period in 2022.

Real GDP from goods producing industries was down 0.8% with faster losses in agriculture, forestry and fishing.

Real GDP from services-producing industries was up 2.3% with year-to-date gains in most industries. The strongest increases were in arts/entertainment/recreation (+16.7%) as well as accommodation and food services (+7.1%). The largest decline was reported in management of companies (-33.2%).

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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