Statistics Canada reported on Monday that Real gross domestic product (GDP) rose in every province and territory except Newfoundland and Labrador in 2022 and nationally the economy rose by 3.6 per cent from the previous year.
Real gross domestic product growth, Canada, provinces and territories, 2022
“GDP increased for total services-producing industries in all provinces and territories, though at a slower rate than the previous year. Activity in service industries exceeded 2019 levels for all jurisdictions except Northwest Territories,” said the federal agency.
“The professional, scientific and technical services sector saw robust growth again in 2022. This was especially notable in Ontario (+8.6 per cent) and Quebec (+6.7 per cent), where computer systems design and related services pushed the sector to being the top contributor to both province’s total GDP growth.”
It said transportation equipment manufacturing increased in Ontario on the strength of motor vehicles and parts manufacturing (+12.9 per cent), as supply chains improved in 2022. Hurricane Fiona negatively impacted seafood product preparation and packaging in all Atlantic provinces, erasing most of the gains seen in 2021.
“The oil and gas extraction subsector had another strong year in Western Canada, as increased oil prices spurred higher output in Alberta (+4.8 per cent) and Saskatchewan (+1.9 per cent). In Newfoundland and Labrador, a second consecutive year of decline in oil and gas extraction (-10.4%) resulted from a reduction in offshore production,” explained StatsCan.
“For goods-producing industries in 2022, Saskatchewan (+10.3 per cent) and Manitoba (+7.8 per cent) both bounced back from three straight years of declines, owing to significantly improved conditions for crop production. Crop production flourished in the Prairies, which had its largest increases in Manitoba, Saskatchewan and Alberta since 2017, 2004 and 2003, respectively.”
Shelly Kaushik, Economist with BMO Economics, said most provinces benefitted from the lifting of pandemic-era restrictions in 2022.
“The Prairies received an added boosted from a jump in resource prices following the invasion in Ukraine, and from a rebound in agricultural production following the previous year’s drought. Altogether, the Canadian economy looks to have grown at a stronger-than-expected pace last year.”
(Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He works as well as a freelance writer for several national publications and as a consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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