Nova Scotia Ministry of Finance


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May 31, 2024

Month by month (March 2024 vs. February 2024)

Canada's real gross domestic product (GDP) remained almost unchanged in March (-0.002%), after growing by 0.2% in February 2024.

Real GDP of Canada's goods-producing industry increased by 0.04% from February to March 2024.

Real GDP in Canada's services sectors decreased by 0.02% from February to March 2024.

Among major industries, construction, agriculture/forestry/fishing, utilities and education recorded the largest monthly GDP increases. The largest declines were reported in business management, wholesale trade and manufacturing.

Since the beginning of the year (January-March 2024 vs. January-March 2023)

The Canadian economy grew 0.7% in the January-March 2024 period compared to the same period in 2023.

Real GDP in goods-producing industries fell by 1.6 percent, with losses in agriculture, forestry and fishing (-3.1 percent) being even greater.

Real GDP in services increased by 1.5%, with increases in all sectors except business management (-32.8%, although this is a small sector), arts/leisure (-1.4%), information/culture (-0.4%) and administration/support/call centres (-0.2%). The strongest increases were recorded in transport/warehousing (+3.6%) and health/social assistance (+2.5%).

Source: Statistics Canada, Table 36-10-0434-01 Gross domestic product (GDP) at basic prices, by economic activity, monthly (x 1,000,000)