5.2 GDP of Canada and its unique sectorial makeup

5.2 GDP of Canada and its unique sectorial makeup

Sectors in Canada’s GDP

Predominant sectors include services (finance, healthcare, education), manufacturing (automotive, aerospace), natural resources (forestry, mining), and agriculture.

Less dominant sectors might include utilities, construction, and others.

Total GDP

Canada boasts a highly advanced mixed economy, ranking as the world’s tenth-largest economy in 2023. Its nominal GDP hovers around US$2.117 trillion. 

Primary industry share comprises sectors like agriculture, forestry, fishing, and it contribute 1.6% GDP to total Economy in 2022.

Secondary industry includes manufacturing and construction contribute 28.2% in 2022.

Tertiary industry is largely comprised of services contributing 70.2% in 2022. 

GDP growth rate – YOY: 

The total GDP growth rate tends to vary annually, influenced by global economic factors, natural resource prices, and domestic policies. The GDP growth rate in Canada in 2022 was 3.40%, down 1.62% from 2021.

Growth rates in primary, secondary, and tertiary industries can fluctuate based on various factors, including technological advancements, global demand, and environmental regulations.