Forecast: Basic Metals Manufacturing Output in Canada

The basic metals manufacturing sector in Canada showed a fluctuating trend from 2013 to 2023, with significant variations in output values. The lowest point was in 2013 with consistent growth then peaking around 2018. A minor decline followed, reaching 71.74 billion Canadian dollars in 2022 and 72.38 billion in 2023, reflecting a slight increase of 0.9% year-on-year. The cumulative average growth rate (CAGR) over the past five years (2018-2023) was modestly negative at -0.84%.

Key trends over the past decade include:

• A notable rise from 2013 to 2015 with minor fluctuations.
• Stability and minor declines post-2019.
• Gradual recovery and slight growth in recent years.

Looking forward, the forecast for 2024 to 2028 indicates modest growth with a CAGR of 0.67% and a cumulative growth rate of 3.4%. Watch for:

• Global market demand shifts impacting exports.
• Technological advancements in production processes.
• Environmental regulations influencing operational costs.