But while the figures show a continued rise in compensation for Canadian workers – up 6.5% in 2023 and the third consecutive year of gains – the savings rate among households was weaker at 3.7%, down from 4.2% in the previous year.
The ability to save was impacted by higher total interest rates on mortgage and non-mortgage debt of 42.5% for the year.
Government expenditures were also revised higher for 2023, to 2.2% from 1.6% previously.
Provinces, territories GDP
Looking at GDP growth, the largest provincial gains were in British Columbia (+2.4%), Saskatchewan (+2.3%) and Alberta (+2.3%) while Nunavut posted the largest territorial gain at 3.8%. There was growth for nine provinces and two territories while Newfoundland and Labrador (-2.6%) and the Northwest Territories (-0.5%) recorded declines.
Exports in 2023 were up 5%, far outstripping a 0.3% rise in imports. But while household spending increased by 1.8%, this was a much slower pace than the 5.5% of 2022.
