While growth in Canada’s real gross domestic product (GDP) by industry increased by 1.3% in 2023 (seasonally adjusted, 2017 constant prices), it was the slowest growth rate since 2016, aside from the contraction recorded in 2020, the first year of the COVID-19 pandemic.
After resuming growth in 2021 and posting a large gain in 2022, tourism GDP continued to expand in 2023, although at a slower pace than in the previous year.
Tourism GDP, which measures the unduplicated production of goods and services purchased by tourists across all industries, was up 9.5% annually in 2023 and rose 2.5% from the third to the fourth quarter.
Air transportation, accommodation, arts and entertainment contribute to the growth
Transportation (+25.5%) accounted for nearly half of the increase in tourism GDP in 2023. Economy-wide, GDP in the air transportation industry rose 28.9%.
Recreation and entertainment (+11.9%), food and beverage services (+6.5%) and accommodation (+3.2%) also contributed to the increase in tourism GDP in 2023.
Growth for professional, scientific and technical services, retail, and finance and insurance
The professional, scientific and technical services sector (+3.4%) was among the drivers of tourism GDP growth in 2023. The retail sector grew 1.5%, as spending continued to increase compared with 2022.
Real estate and rental and leasing (+1.5%) was close behind, and this sector’s growth was ahead of finance and insurance (+0.4%).
Public sector sees growth
The public sector, including educational services, health care and social assistance and public administration, grew 2.6% in 2023, the highest growth rate among all the industrial sectors.
Public sector growth was driven by gains in local, municipal and regional public administration.
Goods-producing industries down
Several goods-producing industries were down in 2023, including agriculture, forestry, fishing and hunting (-4.9%), driven by poor growing conditions.
Utilities (-2.6%) contracted in 2023 due largely to decreases in electric power generations, while residential building construction drove an overall decline in construction (-1.3%). Manufacturing (-0.3%) saw a slight contraction.
Mining, quarrying and oil and gas extraction (+1.6%) grew in 2023, although at a slower pace compared with 2021 (+6.3%) and 2022 (+4.6%).
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