Over the past decade, Canadian manufacturing output has displayed periods of both growth and contraction. Notably, there was steady growth from 2013 to 2019, peaking at 764.54 Billion Canadian Dollars. However, the industry faced a significant downturn in 2020 with a year-on-year decline of 8.66%, primarily due to the global pandemic. In 2023, the manufacturing output stood at 746.11 Billion Canadian Dollars, reflecting mild recovery with a year-on-year variation of 0.87%.
In terms of compounded annual growth rate (CAGR), the average variation per year over the last five years up to 2023 had a slight negative trend of -0.21%. Forecasted data from 2024 onwards suggests a moderate growth trajectory, with the manufacturing output projected to reach 777.43 Billion Canadian Dollars by 2028. The forecasted 5-year CAGR indicates a positive outlook with an average annual growth rate of 0.65% through 2028.
Future trends to watch for include:
- Technological advancements and digital transformation in manufacturing processes.
- Increased focus on sustainability and green manufacturing practices.
- Potential impacts of global trade policies and economic shifts on the Canadian manufacturing sector.
- Continued recovery from the impacts of the COVID-19 pandemic.
