Gross Domestic Product (GDP) by Industry

Gross Domestic Product (GDP) by Industry, 2024

This annual release of Gross Domestic Product (GDP) by Industry by Statistics Canada provides current measures of Gross Domestic Product by Industry, at the provincial and territorial level.

Overview

On May 1, 2025 Statistics Canada released preliminary Provincial Gross Domestic Product (GDP) by Industry data for 2024. 

Real gross domestic product (GDP) rose in every province and territory except the Yukon and Northwest Territories in 2024. Ontario, Manitoba, and British Columbia saw slower growth in 2024 than in 2022, while all other jurisdictions saw accelerated growth. Ontario (contribution of +0.47 percentage points) was the largest contributor to Canada's economic growth, mainly because of the size of its economy.

P.E.I.’s GDP for all industries in chained 2017 dollars was valued at $7.6 billion in 2024, an increase of 3.6 per cent over 2023. P.E.I. was the second fastest growing economy in Canada in 2024, behind only Nunavut (7.5 percent) and outpacing Saskatchewan (3.4 percent), Nova Scotia (2.7 percent), Alberta (2.7 per cent), and Newfoundland and Labrador (2.4 per cent). By this measure the P.E.I. economy grew by 8.0 per cent in 2021, 4.6 per cent in 2022, and 2.1 per cent in 2023.

Table 1 shows GDP by Industry growth by province and territory since 2020.

Table 1, GDP BY INDUSTRY GROWTH, CHAINED 2017 DOLLARS, PROVINCES AND TERRITORIES

Prince Edward Island

Real GDP increased 3.6 per cent in 2024 following an increase of 2.1 per cent in 2023. Goods producing industries increased 5.8 per cent, while service producing industries expanded 2.8 per cent. Increases were recorded in 18 of the 20 major industry groups.

Goods

Goods production increased 5.8 per cent in 2024. Agriculture, forestry, fishing and hunting saw an increase of 4.8 per cent, construction 12.4 per cent, and manufacturing grew by 2.9 per cent.

Agriculture, forestry, fishing and hunting expanded by 4.8 per cent in 2024, following a decrease of 4.8 per cent in 2023. Crop production grew by 6.1 per cent, while animal production (including aquaculture) fell 2.5 percent. This follows declines of 8.5 percent and 3.9 percent respectively in 2023. Fishing, hunting and trapping rebounded from a 0.5 percent drop in 2023 to 6.0 percent growth in 2024.

Construction also rebounded in 2024, from -10.5 per cent in 2023 to a gain of 12.4 percent in 2024. Residential construction rose by 14.4 per cent, while non-residential construction increased 15.0 per cent and engineering construction expanded 13.0 per cent.

Manufacturing expanded by 2.9 per cent in 2024, following a 5.9 per cent gain in 2023. Food manufacturing led the way, increasing for the third consecutive year, rising by 4.9 per cent. Fruit and vegetable preserving and specialty food manufacturing saw a 4.2 per cent increase, while seafood product preparation and packaging expanded 8.9 per cent. Transportation equipment manufacturing increased 7.0 per cent in 2024, driven by a 9.2 per cent rise in aerospace product and parts manufacturing. Beverage and tobacco (including cannabis) product manufacturing increased 19.6 percent in 2024, driven by a 28.6 percent increase in tobacco (including cannabis) manufacturing. Chemical manufacturing saw a 1.6 per cent increase with a 2.1 per cent rise in pharmaceutical and medicine manufacturing.
 

Services

The service sector increased by 2.8 per cent in 2024, following a 3.5 per cent rise in 2023. Thirteen of the fifteen major service industries recording increases. Only management of companies and enterprises (-30.0 per cent) and administrative and support, waste management and remediation services (-2.0 percent) declined. Real estate and rental and leasing contributed most to the increase, rising by 5.0 percent. Other notable increases in the services sector were in health care and social assistance (4.4 per cent), public administration (1.9 per cent), finance and insurance (3.1 per cent), and transportation and warehousing (4.5 percent).

Table 2 shows percentage growth by industry of the provincial economy from 2019 to 2023. Table 3 shows contribution to change by industry from 2019 to 2023.

Table 2, P.E.I. GDP  BY INDUSTRY GROWTH

(constant chained 2017 dollars)

Note: the sum of the chained values for each component of an aggregate does not equal the chained value of the aggregate.

Table 3, P.E.I. GDP  BY INDUSTRY, CONTRIBUTION TO CHANGE

Source: Statistics Canada.
Table 36-10-0402-01 Gross domestic product (GDP) at basic prices, by North American Industry Classification System (NAICS), provinces and territories, annual (dollars)
Table 36-10-0434-03 Gross domestic product (GDP) at basic prices, by industry, annual average

Infographic Source: Statistics Canada, The Daily, Infographic 1, May 1, 2025. Real gross domestic product growth, Canada, provinces and territories, 2024

Related downloads for this release:

Annual GDP By Industry Report PDF (157KB)