In 2023, public pension spending in Canada was estimated at 5.08% of GDP. Forecasts from 2024 to 2028 indicate a gradual increase, reaching 5.27% by 2028. The year-on-year growth rate averages approximately 0.9%, reflecting a steady rise in the proportion of GDP allocated to public pensions over this period. The 5-year compound annual growth rate (CAGR) stands at around 0.74%, highlighting a consistent upward trend.

Future trends to watch for include:

The impact of demographic changes, such as an aging population, on pension funding requirements.
Economic growth and its influence on GDP and public spending capacity.
Government policy adjustments in response to sustainability and fiscal balance considerations.