Economic growth slows in 2023
In 2023, for the second consecutive year, real gross domestic product (GDP) grew in every province in Canada, except Newfoundland and Labrador, albeit at a slower pace compared with a year earlier for most.
In the territories, production slowed in Yukon and declined in the Northwest Territories, while Nunavut was the sole Canadian jurisdiction where economic growth meaningfully accelerated, with a nation-leading 3.4% increase in 2023.
Although record population growth helped spur economic activity, tight monetary policy, persistent inflation and several climate change-related events constrained output growth across Canada in 2023.
Higher output from services-producing industries in every province and territory bolstered overall economic growth during a challenging year for goods-producing industries in most of Canada in 2023.
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