Loading ...Trevor Tombe: The Great Divergence: Canada’s economic gap with the U.S. reaches a new record
Canada’s economy has fallen behind its population growth for the fifth straight quarter, with real GDP per capita declining by 0.1 percent in Q2 2024, according to the latest data from Statistics Canada released last week.
Compared to the same period last year, per capita GDP is now down 2.2 percent. Compared to 2022, it’s down 3.6 percent. As RBC analysts correctly noted, this is a “recession-like” performance.
This downturn becomes even more striking when viewed in comparison to the United States, which continues to see gains.