Canada's real-GDP-to-total-population ratio was 0.9% lower in 2023 Q1 than it was in 2019 Q4, but the real-GDP-to-working-age-population ratio was 1.9% higher. This is because the population share of persons 65 and older rose from 16.8% to 18.1% over this period.

Nevertheless the real-GDP-to-working-age-population ratio remains 2.8% below its pre-pandemic trend line. The economy has yet to recover fully from the extraordinary pandemic-caused turmoil of the last three years.