Trade in services deficit widens, while trade in goods deficit narrows
Canada’s current account balance (on a seasonally adjusted basis) posted a $5.0 billion deficit in the fourth quarter of 2024, widening $1.4 billion from the previous quarter. This was the largest current account deficit since the third quarter of 2023 (-$8.0 billion). The widening of the deficit in the fourth quarter of 2024 reflected a narrowing of the investment income surplus alongside a higher trade in services deficit. These movements were partially offset by a lowering of the goods deficit. The fourth quarter marked the 10th consecutive quarter in which the current account balance was in a deficit position.
Source: Canada’s balance of international payments, fourth quarter 2024
Household spending increases the most in over two years in the fourth quarter of 2024
Real gross domestic product (GDP) increased 0.6% in the fourth quarter, after rising 0.5% in the third quarter. Growth in the fourth quarter was driven by higher household final consumption expenditures and increased exports and business investment. Household spending rose 1.4% in the fourth quarter of 2024, the strongest growth since the second quarter of 2022. Higher spending on new trucks, vans and sport utility vehicles led the overall increase in the fourth quarter of 2024. On a per capita basis, real GDP rose 0.2% in the fourth quarter, after falling 0.1% in the previous quarter.
Source: Gross domestic product, income and expenditure, fourth quarter 2024
Barriers to use of information and communication technology in 2024
Almost all Canadians with disabilities or long-term conditions use some form of information and communication technology, including smart phones, tablets, laptops and desktops, traditional television or other devices, but barriers to accessibility persist. Notably, in 2024, almost half (45%) of persons with disabilities or long-term conditions reported having faced barriers in their online activities because of their condition.
Source: Persons with disabilities or long-term conditions and barriers in their online activities, 2024
Firearm-related homicides fall in 2023
The rate of firearm-related homicides rose yearly from 2018 to 2022 in Canada. However, in 2023, the rate fell 18% (from 0.88 incidents per 100,000 population to 0.72). There were 54 fewer firearm-related homicides in 2023 compared with the previous year (289 versus 343). A decline was also noted in the homicide rate in general, which fell 14% (from 2.27 incidents per 100,000 population in 2022 to 1.94 in 2023). In 2023, shooting homicides accounted for nearly 4 in 10 (38%) of all homicides where the primary method to cause death was known.
Source: Firearms and violent crime in Canada, 2023
Canadian workplaces continue to move away from routine, manual jobs in 2024
Nationally, the share of non-routine, cognitive jobs in the Canadian economy increased by 10.7 percentage points (for men) and by 15.6 percentage points (for women) from 1987 to 2024. In contrast, the share of routine, manual jobs in the Canadian economy decreased by 11.9 percentage points (for men) and by 4.2 percentage points (for women) over the same period. These long-term trends are consistent with the increasing use of automation in the workplace. As advanced technologies such as AI continue to evolve and be adopted in the workplace, it will be important to closely monitor future developments in the Canadian job landscape.
Source: Economic and Social Reports, February 2025
Record high operating revenue for the film, television and video post-production industry in 2023
While Canada only bagged one Oscar in 2023, our homegrown film, television and video post-production industry reported earning a record high $2.8 billion in operating revenue in 2023. This was up by just over one-third (+34.4%) from 2021, as increasing demand for content continued to bolster sales for the industry. Robust sales growth stemmed largely from visual effects and animation services, which rose $714.0 million (+60.9%) from 2021, representing 89.0% of the increase in total industry sales in 2023.
Source: And the winner is… the Canadian film, television and video post-production industry
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