Manufacturing GDP came in at just over $199 billion, a far cry from its recent high of $215 billion in 2023. This continues a nearly three-year declining trend that began in May 2023. Prior to May 2025 – outside of the COVID shutdown – we had not seen manufacturing output fall below $200 billion since 2014. Tariffs continue to negatively impact the sector, and the war in the Middle East and its impact on supply chains only exacerbate the situation.
For more on supply chain disruptions, manufacturing, and the Bank of Canada’s most recent interest rate decision, see here: https://cdhowe.org/publication/mpcapril2026/.
Source: Statistics Canada. Table 36-10-0434-01.
