Canadian GDP by Province, Territory, and Industry in 2023

On Wednesday, Statistics Canada (StatCan) released a detailed breakdown of Canadian real gross domestic product (GDP) in 2023.

For the second consecutive year, real GDP grew in every province in Canada, except Newfoundland and Labrador, albeit at a slower pace compared with a year earlier for most areas. In the territories, production slowed in Yukon and declined in the Northwest Territories, while Nunavut was the sole jurisdiction where economic growth meaningfully accelerated, with a nation-leading 3.4% increase.

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.

Specifically looking at data from the construction sector, StatCan reported lower activity in the construction sector was the main detractor to growth in the provinces of Prince Edward Island, New Brunswick, Quebec, Ontario, and Alberta. However, construction was the largest contributor to growth in Nunavut, Saskatchewan, Newfoundland and Labrador, and the Northwest Territories.

In Nunavut, ongoing construction of a new gold mine helped engineering construction improve 68.0%, which more than offset the declines in residential and nonresidential construction.

Residential construction was down in every province and territory in 2023, with six of them reporting double-digit declines in output. The slower pace of home building had the greatest impact on residential building construction in Prince Edward Island, down 15.5%, Quebec, down 19.1%, and British Columbia, down 12.7%.