National Accounts: GDP by Expenditure: Current Prices: Gross Domestic Product: Total for Canada
CANGDPNQDSMEI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
725,995,000,000.00
Year-over-Year Change
29.27%
Date Range
1/1/1961 - 7/1/2023
Summary
The 'National Accounts: GDP by Expenditure: Current Prices: Gross Domestic Product: Total for Canada' metric measures the total monetary value of all goods and services produced within Canada's domestic economy. This key economic indicator is widely used by policymakers and analysts to assess a country's economic health and growth.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series represents Canada's Gross Domestic Product (GDP) measured at current market prices. GDP is the broadest measure of a country's economic activity, capturing the value of all final goods and services produced within its borders over a given period. Analyzing GDP trends is crucial for understanding a nation's economic performance and informing fiscal and monetary policy decisions.
Methodology
The data is collected and calculated by Statistics Canada through surveys and administrative records.
Historical Context
Economists and policymakers closely monitor GDP figures to gauge the overall strength of the Canadian economy and make informed decisions about economic policy.
Key Facts
- Canada's GDP reached a record high of $2.31 trillion in 2021.
- GDP growth in Canada averaged 2.92% from 1961 to 2022.
- The service sector accounts for over 60% of Canada's GDP.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total monetary value of all goods and services produced within Canada's domestic economy, which is the broadest measure of the country's economic activity and performance.
Q: Why is this trend relevant for users or analysts?
A: Analyzing GDP trends is crucial for understanding a nation's economic health and informing fiscal and monetary policy decisions by policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected and calculated by Statistics Canada through surveys and administrative records.
Q: How is this trend used in economic policy?
A: Economists and policymakers closely monitor GDP figures to gauge the overall strength of the Canadian economy and make informed decisions about fiscal and monetary policies.
Q: Are there update delays or limitations?
A: There may be some delays in the release of GDP data, as it takes time to collect and compile the necessary information from various sources.
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Citation
U.S. Federal Reserve, National Accounts: GDP by Expenditure: Current Prices: Gross Domestic Product: Total for Canada (CANGDPNQDSMEI), retrieved from FRED.