Statistics Canada is reporting Canada's GDP per–capita has declined for six consecutive quarters while third quarter GDP slowed significantly to 1% annualized, below the Bank of Canada’s 1.5% forecast. "This is the eighth quarterly decrease in the last nine quarters, meaning the per–person income of Canadians has now fallen back to the level it was at a decade ago," said the Conservative Party of Canada in a press release issued Friday.Canada’s annualized GDP increased by 1%, while U.S. growth was 2.8%, said Conservatives, noting that before Prime Minister Justin Trudeau took office in 2015, Canada’s economic growth matched the U.S.The New York Times reported in 2015 that Canada had “the world’s most affluent middle class.” "Now, after nine years of Justin Trudeau, the per–person economic output in most of our provinces has fallen behind states like Alabama and Mississippi, and there is now nearly $33,000 difference in income per person between Canada and the U.S. according to the IMF," said Conservatives.GDP per capita in the U.S. is now around $66,300 compared to Canada’s $44,400, reported The Hub."Simply put, this captures differences in average living standards between the two countries. A $22,100 per year gap, or roughly $28,000 in 2024 dollars, is therefore truly massive."Finance Minister Chrystia Freeland recently said Canada will achieve the most robust economic growth in the G7. She also said Statistics Canada has published some “upward revisions” of Canada’s GDP for 2021, 2022 and 2023."Looking ahead, Canada’s long-term economic prospects are similarly dismal," wrote the Fraser Institute. "When Minister Freeland boasts about aggregate GDP numbers—while ignoring how historic levels of population growth fuelled by record-high immigration inflate the numbers — she’s misleading Canadians."Statistics Canada also reported that Canada’s payroll employment dropped by 0.3% in September. Also, Canada’s unemployment rate hit 6.5% in September, as the population significantly increased. "This means that there are fewer jobs for more Canadians, who have to buy more expensive products on weaker incomes," said Conservatives. "Canada’s economy is already weak and shrinking, made worse by President Trump’s threat of a 25% tariff." University of Calgary economist Trevor Tombe is predicting the Canadian economy will take a 2.6% GDP hit under the Tariff."Half a trillion investment dollars have already fled Canada for the U.S. under Justin Trudeau," said Conservatives."But Trudeau still plans to do even more economic vandalism, with his plan to quadruple his carbon tax to 61 cents a litre."
