What You Need to Know
This period of global volatility, economic uncertainty, and trade tensions are having a direct impact on Canadians and Canadian businesses. That is why we are focused on what we can control, introducing measures that will drive growth, attract investment, and boost our economic competitiveness.
The Canadian economy continues to show resilience, growing by 3.3% in Q2, the fastest in the G7, we are diversifying our trade away from the US with July posting a record high of non-US trade at $25.6 billion, and productivity rose by 4% in the second quarter, the largest increase since 2020.
The labour market is still showing signs of improvement adding 139,000 jobs since May and both overall employment up by 217,000 and private sector employment increasing by 156,000 over the past 12 months.
Canada continues to have a higher per-capita job creation rate, more than doubling the US since December 2024.
Our government is making historic and strategic investments to increase growth and create high paying careers including by empowering workers with a $6 billion investment in Team Canada Strong which will create 100,000 new skilled trades careers while enabling projects of national interest and infrastructure across Canada.
As we take critical steps to strengthen the Canadian economy, we are supporting Canadians today, with affordability measures saving families thousands per year, including the Groceries and Essentials Benefit, middle class tax cut, and pause of the excise tax on fuel.
Together, with Canadians and Canadian businesses we will create a strong, sovereign, economy that works for all.
Canada’s Momentum is Being Noticed
Eliot Pence, founder of Dominion Dynamics:
“Canada is starting to bet on itself again. And increasingly, growth is coming from the things we actually want it to come from: private investment, exports, productivity and innovation, not simply population growth and government spending.”
Matthew Winkler, former Editor-in-Chief of Bloomberg News:
“Canada, since Mark Carney became Prime Minister, has outperformed everyone in America, the Eurozone, and anywhere else in the world. This is one of the greatest moments for overseas investment in Canada that we’ve seen in a century.”
Dawn Desjardins, Chief Economist at Deloitte Canada:
“The real opportunity for growth will come from the combination of governments pushing forward with infrastructure investment, spending on defence, critical minerals and resources. A myriad of government policies including tax incentives, the removal of internal trade barriers, reskilling of workers, and investments in AI are key to unlocking private investment dollars.”
