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Gross Domestic Product (GDP)

Gross Domestic Product (GDP) is the total monetary value of goods and services produced within an economy during a specific period of time. It is used as a measure of the size and growth of an economy.

Highlights

  • Canadian real Gross Domestic Product (GDP) registered growth for the third consecutive quarter in Q1 2021.
  • There was growth across both the goods producing and service sectors.
  • Canadian real GDP is expected to grow by 5.9 per cent in 2021.

Quarterly Canadian real GDP

In Q1 2021, Canadian real GDP registered its third consecutive quarterly growth when it increased by 1.4 per cent.

Annualized, this represented a growth of 3.4 per cent in Q1 2021, following increases of 49.8 per cent in Q3 and 2.5 per cent in Q4 2020.

The increases observed continued to offset the steepest drop in Canadian GDP on record observed in March and April 2020. In March 2021, Canadian GDP remained 1.0 per cent below its pre-pandemic level.

In Q1 2021, there was growth in the GDP of both the goods producing (2.2 per cent) and service (1.4 per cent) sectors.