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By Liam Verster

Second Highest GDP Growth

B.C. among leaders in Canada’s 2023 GDP growth

Nov 7, 2024 | 11:36 AM

British Columbia played a major role in the national Gross Domestic Product (GDP) growth in 2023.

Statistics Canada data showed Canada’s GDP rose by 1.5 per cent annually last year, noting the growth was mainly driven by higher exports and household spending on services.

B.C. played a key role in the national GDP growth, as the provincial GDP rose 2.4 per cent in 2023.

That was the second largest increase in any province or territory, trailing only behind Nunavut where the GDP rose by 3.4 per cent annually.

There were seven other provinces and territories that saw their GDP increase on an annual basis in 2023, including Alberta (2.3 per cent), Saskatchewan (2.3 per cent) and Prince Edward Island (2.2 per cent).

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The Northwest Territories was the only region in Canada to see it’s GDP decline, falling 0.5 per cent on an annual basis.

StatsCan noted the GDP increase was fuelled by expanding exports that outpaced imports, and household spending increasing, though at a slower pace than previous years. Compensation for employees also saw continued growth in 2023.

There was also slower growth in government expenditures on goods and services, and business investments in non-residential and structures increased.

However, housing investments did decline in 2023, as did business spending on machinery and equipment. Housing saving rates also slowed while debt service burdens rose.

The national GDP growth, while up on an annual basis, did slow in 2023. The previous year saw the GDP increase by 4.2 per cent, while 2021 had an annual increase of 6.0 per cent.