A close-up, low angle shot of shiny gold nuggets and flakes scattered among dirt and rocks on the ground

Canada's gold rush: fuelling GDP and strengthening export markets

Photographic portrait of Dean Braunsteiner
Dean Braunsteiner

EY Canada Assurance Mining Leader

4 minute read 09 Oct 2025

Article originally appeared in the Canadian Mining Journal. Read the September 2025 issue.

Discover how Canada’s gold mining drives GDP growth, boosts exports and shapes a sustainable future in a volatile global economy.

In brief
  • Gold mining added about $117b to Canada’s GDP in 2023, with gold alone valued at more than $10b and supported hundreds of thousands of jobs. 
  • Gold exports surged to $30.2b in 2023, strengthening Canada’s global trade position and driving economic resilience amid market volatility.  
  • Sustainability and tech innovation are key to achieving long-term growth, reducing environmental impact and maintaining global competitiveness.

As the global demand for gold escalates amid fraught geopolitical tensions, market volatility and fickle trading partners, the significance of Canadian gold production to the national economy has never been clearer. Gold mining is not just a historical pillar of Canada’s economic framework; it is a crucial driver of future prosperity and it is time to double down.

To maintain and enhance this vital sector, it is imperative more than ever for stakeholders—including industry leaders, policymakers and investors—to reprioritize growth, innovation and global leadership in gold production. The economic contributions of gold mining to Canada’s GDP and export market continue to underscore its role in bolstering the current economy while laying the groundwork for long-term success in an increasingly turbulent and inward-looking competitive global landscape.

The contribution of gold mining to Canada’s GDP

Gold mining continues to be a pivotal cornerstone of the Canadian economy, contributing significantly to the nation’s Gross Domestic Product. According to the Mining Association of Canada (MAC), the mining sector contributed approximately $117 billion to Canada’s GDP in 2023, accounting for about 4% of the total economic output. This marks a notable increase from previous years, showcasing the resilience and growth of the mining industry even amidst global economic challenges.

In 2023, gold production alone was valued at over $10 billion, making it one of the top contributors within the mining sector. The industry not only provides direct employment for approximately 430,000 individuals but also supports an additional 281,000 indirect jobs, reflecting the extensive economic footprint of gold mining across Canada. The ripple effect of these jobs extends to local communities, where mining operations stimulate economic growth through the creation of ancillary businesses and services. As Canadian miners continue to explore and develop new projects, the potential for further contributions to GDP remains robust, positioning gold mining as an essential component of Canada’s economic framework for years to come.

Export market dynamics: gold as a key commodity

And while its domestic contributions remain central, particularly in a global context pressurized by increasingly nationalistic and isolationist policies, Canadian gold production plays a crucial role in the country’s export market. Canada is one of the largest exporters of gold globally, with significant shipments to markets in the United States, Europe and Asia. The export of gold not only generates substantial revenue for the nation but also strengthens Canada’s position in the global commodities market. In 2023, mineral exports reached a staggering $151 billion, with gold accounting for a significant portion of this figure.

The latest statistics from Natural Resources Canada further indicate that in 2023 the value of Canadian gold exports reached $30.2 billion, a 34% increase from $22.5 billion in 2022. As Canadian miners seek to replenish their reserves and expand their operations abroad, the potential for increased gold exports presents a singularly unique opportunity for economic growth. By leveraging the country’s rich mineral resources, Canadian miners can strive to enhance their global competitiveness while contributing to the nation’s overall economic prosperity.

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The future of gold mining: sustainability and innovation

Looking ahead, the focus on sustainability and innovation will be paramount for the mining industry, particularly as the energy transition continues to build momentum. Canadian gold miners are already at the forefront of adopting environmentally responsible practices and leveraging technology to enhance operational efficiency. By investing in sustainable mining practices, companies must continue striving to minimize their environmental footprint while maximizing economic returns.

The integration of innovative technologies, such as automation and data analytics, will allow miners to continue optimizing production processes and reduce costs. This not only allows for enhanced profitability but also positions Canadian gold miners as leaders in the global mining sector. As the demand for responsibly sourced gold continues to grow, it is incumbent upon Canadian gold miners to set industry standards that prioritize both economic success and environmental stewardship.

Moreover, the Canadian government has recognized the importance of the mining sector in achieving a low-carbon economy. Investments in critical infrastructure and mine development are essential to support the growth of the industry and meet the increasing demand for minerals. By fostering a regulatory environment that encourages investment and innovation, Canada can ensure that its gold mining sector remains competitive on the global stage, ultimately playing a decisive role in the country’s long-term economic success.

Simply put, the economic impact of Canadian gold production is undeniable, with significant contributions to the nation’s GDP and export market. As Canadian miners continue to explore new opportunities both domestically and internationally, the potential for growth and prosperity remains strong. By embracing sustainability and innovation, the industry can ensure its long-term viability while enhancing its role as a key driver of economic success in Canada. As we look to the future, it is abundantly clear that gold will continue to shine brightly as a cornerstone of Canada’s economic landscape, crucial for navigating the challenges and opportunities that lie ahead.

Summary 

Canada’s gold mining sector is a major economic engine, contributing billions to GDP and driving export growth. With rising global demand and market uncertainty, the industry plays a critical role in sustaining economic stability. Future success hinges on innovation, sustainability and strategic investment to maintain competitiveness and meet environmental goals.

Dean Braunsteiner is the Assurance Mining Leader for EY Canada’s Metals & Mining sector. A senior leader with two decades of experience providing assurance and consulting services, Dean has worked extensively with large multinational public companies on corporate governance, mergers and acquisitions and initial public offerings. As a Chartered Professional Accountant in both Canada and the U.S., he serves on several industry and community boards, including the Prospectors & Developers Association and the Canadian Mining Innovation Council.

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    About this article

    Photographic portrait of Dean Braunsteiner
    Dean Braunsteiner
    EY Canada Assurance Mining Leader
    Innovative thinker whose enabling transformation across mining and metals. Avid, curler, golfer and cottager. Always on the lookout for ways to make a difference.
    Related topics
    Mining and metals
    Energy and resources

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