1Q26_ Quarterly Outlook Report_Final_EN - Flipbook - Page 55
T H E P LUMB LI N E | A RETU RN TO F I RS T PRI N CI PL ES
Annual real GDP revisions
4.7%
4.2%
2.9%
2.4%
2.1%
2.0%
1.6%
1.5%
2022
2023
2024
Annual real GDP growth
2022-2024 avg
Pre-revision
Source: Statistics Canada, Scotia Wealth Management
Consistent with these upward revisions to GDP, labour productivity growth was revised higher,
exerting downward pressure on unit labour costs, while 3Q25 productivity registered 0.9%
quarter-over-quarter growth, almost twice as high as the median consensus estimate and nearly
making up for 2Q’s 1% contraction.
Labour productivity growth revisions
106
105
Index value
104
103
102
101
100
2021
2022
2023
Canada's labour productivity
2024
2025
Pre-revision
Source: Statistics Canada, Scotiabank Economics
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