Canada’s Per Capita GDP Plummets... Again

The Q4 2024 GDP Report’s Shiny Numbers Hide a Grim Reality of Debt, Decline, and Liberal Mismanagement

Canada’s latest GDP report is in, and if you believe the government’s spin, you’d think we’re on the verge of an economic boom. Growth is up, exports are rising, and household spending is surging—at least, that’s what they want you to believe. But when you actually look at the numbers, when you break down what’s happening on the ground, a very different picture emerges. It’s a picture of a country that’s treading water, of people working harder for less, of an economy that, despite all the glowing headlines, is leaving ordinary Canadians behind. And the reason? It’s not bad luck, it’s not some global phenomenon—it’s the direct result of Liberal economic mismanagement that has gutted opportunity and replaced it with high costs, debt, and government dependency.

Let’s start with the so-called growth. The headline number: GDP grew 0.6% in the fourth quarter of 2024. That’s higher than the 0.5% in Q3, which, in theory, is a good thing. But here’s the kicker: GDP per capita—a measure of how well individual Canadians are actually doing—fell by 1.4% in 2024, marking the second straight year of decline. So yes, the economy expanded, but not because we became more productive, or wealthier, or because investment is pouring in. No, it expanded because there are more people consuming and working for less. Strip away the population growth, and the truth is clear: Canadians are getting poorer. That’s not growth. That’s managed decline.

Now, the Liberals will tell you that household spending is booming, up 1.4% in Q4—the biggest increase in over two years. That sounds fantastic, right? Until you realize what’s actually driving it. People aren’t spending more because they’re suddenly flush with cash. They’re spending more because everything costs more, because interest rates are squeezing them, and because they’re financing their lives with credit. The biggest spending increase? New trucks and SUVs. Not because Canadians suddenly decided to splurge, but because vehicle prices have skyrocketed thanks to supply chain failures, Trudeau’s EV mandates, and a collapsing used-car market.

And here’s where it gets even uglier—buckle up, folks. The report flat-out says financial services spending shot up in Q4. You heard that right—financial services! We’re not talking about folks buying fancy stocks or sipping champagne with their wealth advisors. No, no, no—this is Canadians shelling out more for bank fees, loan interest, and insurance, the kind of stuff that keeps the big banks fat and happy. Why? Because they’re stretched thin—living on borrowed time and borrowed dimes. The report doesn’t sugarcoat it: household savings tanked from 7.3% in Q3 to 6.1% in Q4—people’s paychecks aren’t keeping up, growing just 1.0% while spending’s outpacing it at 2.1%. That’s not prosperity—that’s a red alert! They’re not stashing cash for a rainy day; they’re leaning on credit cards and loans just to keep the lights on. This isn’t some rosy economic boom—it’s a desperate scramble to stay afloat while the Liberal elites clap themselves on the back.

And while we’re on the topic of things getting more expensive, let’s talk about housing. The report shows residential construction surged 3.9% in Q4, the fastest in years. That’s a win, right? Not exactly. The biggest driver? Ownership transfer costs, up 12.5%. That’s just a fancy way of saying houses are being flipped, not built. Instead of new affordable homes going up, the market is being driven by foreign investors, speculators, and corporate landlords who have turned homeownership into a luxury item for the privileged few. And despite this so-called boom, overall residential investment still fell 1.1% in 2024, confirming what we already knew: The Liberal housing strategy has been an unmitigated disaster.

Then there’s business investment, which should be the engine of any strong economy. And sure, in Q4, we saw a 4.2% rise in machinery and equipment investment. But dig a little deeper, and you’ll see where that’s coming from: aircraft, industrial machinery, and transportation. Not factories, not new industries, not anything that creates long-term prosperity. Meanwhile, non-residential investment fell 1.8% for the year. That’s because one of the last major infrastructure projects left in this country—the Trans Mountain Expansion—wrapped up in May, and nothing has replaced it. The private sector, once the lifeblood of this country, has no confidence in Canada under Liberal rule.

Exports tell another interesting story. They rose 1.8% in Q4, thanks to gold, crude oil, and passenger vehicles. Those are three things the Liberals have either actively tried to phase out or regulate into oblivion. Oil and gas? Trudeau’s carbon taxes and regulatory red tape have done everything possible to strangle that industry, yet it remains one of the only things keeping this economy afloat. Meanwhile, imports grew 1.3%, led by metal ores, pharmaceuticals, and transportation equipment—things we should be producing domestically, but thanks to Liberal policies, we’re now dependent on foreign markets to supply them. And Canada’s terms of trade declined by 1.0%, meaning we’re paying more for imports than we’re earning on exports. That’s not an economy on the rise; that’s an economy hemorrhaging money.

Let’s talk about wages. The government loves to talk about job growth, but here’s what they won’t say: Wage growth is slowing. Compensation grew just 1.0% in Q4, down from 1.7% in Q3. The biggest hit came in transportation, thanks to the Canada Post strike. So much for standing up for workers. And as wages slow, household savings are dropping, too. The savings rate fell from 7.3% in Q3 to 6.1% in Q4, meaning Canadians are making less, saving less, and spending more just to stay afloat. That’s not a strong economy—that’s a slow-motion financial collapse.

And what about the corporate sector? Oh, they’re doing just fine. Corporate profits surged 4.6% in Q4, led by the auto industry and manufacturing. The same sectors that have been bailed out, subsidized, and propped up by Liberal policies. Banks, too, saw modest growth. Meanwhile, small businesses are still struggling under high taxes, rising costs, and endless bureaucracy. If you’re a big player, you’re golden. If you’re a working Canadian? Not so much.

Then there’s inflation, the silent tax that the government pretends is under control. The GDP deflator—a broad measure of price changes—rose 0.9% in Q4. The reason? Energy prices. That’s right—the same energy sector the Liberals have been waging war against is now responsible for driving up prices, proving once again that when government interferes in the market, it only makes things worse.

So where does that leave us? Well, Canada’s economy is a disaster, and the people responsible for it are congratulating themselves. The Liberals are out there, beaming, telling you that things are great. GDP is up, spending is strong, and exports are recovering—what’s the problem? Well, let’s see. Are you better off than you were five years ago? Do you feel like you’re thriving? Or are you paying double for the same groceries, barely scraping by on your mortgage, and watching your savings evaporate while corporate investors snap up every home in sight?

But don’t worry—the Liberals have a plan. And that plan is to keep doing exactly what got us into this mess. More inflation, more debt, more taxes, more corporate giveaways. And now, the cherry on top? Mark Carney. That’s right, folks, the globalist banker, architect of financial misery, and unelected Liberal kingmaker is being groomed to take over the country.

You might remember Carney from such hits as:

• “Inflation is temporary!” (As your grocery bill doubled.)

• “The carbon tax will save us!” (As heating your home became a luxury.)

• “Printing billions of dollars has no consequences!” (As your paycheck lost half its value.)

Yes, this is the guy the Liberals think should be running Canada. The same guy who was in charge when the Bank of Canada was dumping billions into the economy through quantitative easing (QE), driving up inflation, eroding your savings, and making life objectively worse. The same guy who has pushed ESG regulations that make it harder for businesses to operate while rewarding massive corporations for pretending to be “green.” The same guy who is fully behind the carbon tax, a policy that makes literally everything you buy more expensive—fuel, groceries, home heating, transportation.

And now, the Liberals are lining him up as their next leader. Because if there’s one thing Canadians love, it’s having an out-of-touch gold-plated banker lecture them about why their suffering is necessary for the “greater good.”

So let’s get real here. Is your life better than it was five years ago? Are you paying less for groceries? Less for gas? Less in taxes? Are you saving more money? Are you able to buy a home? Or are you working harder just to keep your head above water, watching foreign investors and government insiders carve up the country while you get stuck with the bill?

Because if you don’t like what’s happening in Canada right now—if you’re sick of watching your hard-earned money vanish into higher taxes, inflation, and debt—then why on earth would you hand the keys to the guy who helped create this disaster?

Sources: Statistics Canada, “Gross domestic product, income and expenditure, fourth quarter 2024” (released February 28, 2025); MacroTrends, “Canada GDP Per Capita 1960-2024”; Statista projections.