In 2024, real gross domestic product (GDP) grew in every province in Canada as the national real GDP maintained its annual pace from the previous year at 1.6%. While the pace of growth moderated for Ontario, Manitoba and British Columbia compared with 2023, GDP grew faster in other provinces, with GDP in Newfoundland and Labrador rebounding in 2024 after declining for two consecutive years.
In the territories, GDP declined in Yukon and the Northwest Territories, while Nunavut almost doubled its growth, increasing 7.5% in 2024 after rising 3.8% in 2023.
Canada’s population grew by 1.8% in 2024, a slower pace than in 2023 (+3.1%) and 2022 (+2.5%). Still, this likely contributed to spurring higher output in the service-producing industries. Services bolstered overall economic growth during a challenging year for goods-producing industries in six of the Canadian jurisdictions.
