Canada GDP: $2.51 trillion

World Economics estimates Canada's 2024 GDP at $2.51 trillion in PPP terms (Purchasing Power Parity) and an initial estimate of $2.57 trillion for 2025. This figure is 11% higher than the official estimate published by the World Bank.

World Economics' methodology incorporates crucial factors often overlooked in official estimates, such as:

• The size of the informal economy: It is estimated that 11% of Canada's economic activity occurs outside the formal sector.
• Outdated GDP base year data: Many countries use outdated base years for their GDP calculations, leading to an underestimation of economic growth. Canada uses a chain-weighted GDP base year.

By adjusting for these factors where required, World Economics provides a more accurate picture of Canada's true economic size and potential.

For reference, offical data reported Canada's GDP as $2.142 trillion in 2015 constant prices and $2.142 trillion in current prices for 2023.

Data source: World Economics Research, London