Canada’s Growing Economy
On May 2, 2022, Statistics Canada reported that the Canadian economy increased its Real Gross Domestic Product (GDP) by a robust 4.8% in 2021.
Economic growth was widespread across all of the Canadian provinces and territories except Saskatchewan.
The province of Ontario, which has the largest economy of any Canadian province or territory, accounted for 1.79% of Canada’s 4.8% Real GDP growth rate in 2021, followed by Quebec (with the country’s second largest economy) which added 1.12% to the national GDP increase.
The next largest contributions to Canadian economic growth came from British Columbia (0.84 percent) and Alberta (0.76 percent).
Statistics Canada also reported that economic growth in Canada’s provinces and territories was mostly fueled by services-producing industries, such as education, healthcare, social assistance, and public administration, along with the construction and manufacturing industries.
Yukon Territory had the highest rate of GDP growth (9.1 percent) during 2021, following by Nunavut (6.7 percent), Prince Edward Island (6.6 percent), Northwest Territories (6.3 percent), British Columbia (6.2 percent), Nova Scotia (5.8 percent), Quebec (5.6 percent), New Brunswick (5.3 percent), Alberta (5.1 percent), Ontario (4.6 percent), Manitoba (1.2 percent), Newfoundland and Labrador (1.2 percent).
Saskatchewan’s -0.3% decrease in GDP during 2021 has been attributed to drought, which impacted the province’s agricultural sector.
Statistics Canada also reported that the country’s economic growth during 2021 was fueled mainly by services-producing sectors (such as education, healthcare, social assistance, and public administration), along with the construction and manufacturing industries.
Yukon and Nunavut territories had the highest GDP growth rates in 2021 due in large part to the expansion of gold and silver mining, while diamond mining greatly contributed to the rise in GDP for Northwest Territories.
Natural resources (particularly fishing, agriculture, forestry and hunting) also played a key role in boosting the economies of Prince Edward Island and New Brunswick in 2021.
In Alberta, increased oil and gas production and related support industries added to the province’s healthy GDP growth.
In sum, 2021 was a good year for the Canadian economy and 2022 is off to a good start.
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DISCLAIMER: This guide is not and shall not be considered as professional or expert advice.