diff --git a/rust/performance_counters/Cargo.toml b/rust/performance_counters/Cargo.toml
new file mode 100644
index 000000000..24572aebb
--- /dev/null
+++ b/rust/performance_counters/Cargo.toml
@@ -0,0 +1,12 @@
+[package]
+name = "performance_counters"
+version = "1.0.0"
+edition = "2021"
+
+[lib]
+crate-type = ["cdylib"]
+
+[dependencies]
+candid = "0.9.11"
+ic-cdk = "0.11.3"
+ic-cdk-macros = "0.8.1"
diff --git a/rust/performance_counters/Makefile b/rust/performance_counters/Makefile
new file mode 100644
index 000000000..bdc9ce3ff
--- /dev/null
+++ b/rust/performance_counters/Makefile
@@ -0,0 +1,38 @@
+.PHONY: all
+all: build
+
+.PHONY: build
+.SILENT: build
+build:
+	dfx canister create --all
+	dfx build
+
+.PHONY: install
+.SILENT: install
+install: build
+	dfx canister install performance_counters
+
+.PHONY: upgrade
+.SILENT: upgrade
+upgrade: build
+	dfx canister install performance_counters --mode=upgrade
+
+.PHONY: deploy
+.SILENT: deploy
+deploy:
+	# Deploy the canisters and run periodic tasks with 1s interval.
+	dfx deploy performance_counters
+
+.PHONY: test
+.SILENT: test
+test: deploy
+	# Wait at least 2 seconds.
+	sleep 2
+	# Validate the counters are non-zero.
+	dfx canister call performance_counters for_update | grep -vw '0' && echo 'PASS'
+	dfx canister call performance_counters for_composite_query | grep -vw '0' && echo 'PASS'
+
+.PHONY: clean
+.SILENT: clean
+clean:
+	rm -fr .dfx
diff --git a/rust/performance_counters/README.md b/rust/performance_counters/README.md
new file mode 100644
index 000000000..9266b2013
--- /dev/null
+++ b/rust/performance_counters/README.md
@@ -0,0 +1,165 @@
+# Performance counter
+
+## Overview
+
+The canister can query one of the "performance counters", which is a deterministic monotonically increasing integer approximating the amount of work the canister has done. Developers might use this data to profile and optimize the canister performance.
+
+```Candid
+ic0.performance_counter : (counter_type : i32) -> i64
+````
+
+The argument `type` decides which performance counter to return:
+
+- 0 : current execution instruction counter.
+      The number of WebAssembly instructions the canister has executed
+      since the beginning of the current Message execution.
+
+- 1 : call context instruction counter.
+
+  - For replicated message execution, it is the number of WebAssembly instructions
+    the canister has executed within the call context of the current Message execution
+    since Call context creation. The counter monotonically increases across all message
+    executions in the call context until the corresponding call context is removed.
+
+  - For non-replicated message execution, it is the number of WebAssembly instructions
+    the canister has executed within the corresponding `composite_query_helper`
+    in Query call. The counter monotonically increases across the executions
+    of the composite query method and the composite query callbacks
+    until the corresponding `composite_query_helper` returns
+    (ignoring WebAssembly instructions executed within any further downstream calls
+    of `composite_query_helper`).
+
+In the future, the IC might expose more performance counters.
+
+## Tutorial
+
+## Prerequisites
+
+This example requires an installation of:
+
+- [x] Install the [IC SDK](https://internetcomputer.org/docs/current/developer-docs/setup/install/index.mdx).
+
+### Step 1: Begin by opening a terminal window and navigating into the project's directory
+
+```sh
+cd examples/rust/performance_counters
+```
+
+### Step 2: Start a clean local Internet Computer replica and a web server
+
+```sh
+dfx stop
+dfx start --clean
+```
+
+This terminal will stay blocked, printing log messages, until the `Ctrl+C` is pressed or `dfx stop` command is run.
+
+Example output:
+
+```sh
+% dfx stop && dfx start --clean
+[...]
+Dashboard: http://localhost:63387/_/dashboard
+```
+
+### Step 3: Open another terminal window in the same directory
+
+```sh
+cd examples/rust/performance_counters
+```
+
+### Step 4: Compile and deploy `performance_counters` canister
+
+```sh
+dfx deploy
+```
+
+Example output:
+
+```sh
+% dfx deploy
+[...]
+Deployed canisters.
+URLs:
+   Backend canister via Candid interface:
+      performance_counters: http://127.0.0.1/...
+```
+
+### Step 5: Call `performance_counters` canister `for_update` method
+
+```sh
+dfx canister call performance_counters for_update
+```
+
+Example output:
+
+```sh
+% dfx canister call performance_counters for_update
+(6_618_678 : nat64, 19_886_107 : nat64)
+```
+
+Note, how the current message execution counter (~6M instructions) is much different from the call context counter (~19M instructions).
+
+### Step 6: Check the Internet Computer replica terminal window for more details
+
+Example replica log output:
+
+```text
+Performance counters for update call:    current (0)     call context (1)
+  before the nested call:                6614001         6614201        
+  > inside the 1st nested call:          12425           12625          
+  after the 1st nested call:             6618836         13250387       
+  > inside the 2nd nested call:          12516           12716          
+  after the 2nd nested call:             6618678         19886107       
+```
+
+Note, how the current execution instruction counter (0) stays at ~6M instructions after each await point.
+By contrast, the call context performance counter (1) is monotonically increasing (~6M, ~13M, ~19M instructions).
+
+Also note, that both counters start over for each nested execution (~12K instructions).
+
+### Step 7: Repeat the steps above calling `for_composite_query` method
+
+```sh
+dfx canister call performance_counters for_composite_query
+```
+
+Example output:
+
+```sh
+% dfx canister call performance_counters for_update
+(6_621_477 : nat64, 19_893_467 : nat64)
+```
+
+Example replica log output:
+
+```text
+Perf. counters for composite query call: current (0)     call context (1)
+  before the nested call:                6614001         6614201        
+  > inside the 1st nested call:          13567           13767          
+  after the 1st nested call:             6623158         13254766       
+  > inside the 2nd nested call:          13567           13767          
+  after the 2nd nested call:             6621477         19893467 
+```
+
+Note the same performance counters behavior for composite queries.
+
+## Further learning
+
+1. Have a look at the locally running dashboard. The URL is at the end of the `dfx start` command: `Dashboard: http://localhost/...`
+2. Check out the Candid user interface for `performance_counters` canister. The URL is at the end of the `dfx deploy` command: `performance_counters: http://127.0.0.1/...`
+
+### Canister Interface
+
+The `performance_counters` canisters provide the following interface:
+
+- `for_update` — return all the performance counters values after two nested update calls.
+- `for_composite_query` — return all the performance counters values after two nested composite query calls.
+
+## Conclusion
+
+Performance counters is a great tool to optimize canister performance, both for update calls and queries.
+
+## Security considerations and security best practices
+
+If you base your application on this example, we recommend you familiarize yourself with and adhere to the [security best practices](https://internetcomputer.org/docs/current/references/security/) for developing on the Internet Computer. This example may not implement all the best practices.
diff --git a/rust/performance_counters/dfx.json b/rust/performance_counters/dfx.json
new file mode 100644
index 000000000..46f790c21
--- /dev/null
+++ b/rust/performance_counters/dfx.json
@@ -0,0 +1,10 @@
+{
+  "canisters": {
+    "performance_counters": {
+      "candid": "performance_counters.did",
+      "package": "performance_counters",
+      "type": "rust"
+    }
+  },
+  "version": 1
+}
diff --git a/rust/performance_counters/performance_counters.did b/rust/performance_counters/performance_counters.did
new file mode 100644
index 000000000..c1fceeda5
--- /dev/null
+++ b/rust/performance_counters/performance_counters.did
@@ -0,0 +1,4 @@
+service : {
+    "for_update" : () -> (nat64, nat64);
+    "for_composite_query" : () -> (nat64, nat64) query;
+};
diff --git a/rust/performance_counters/src/lib.rs b/rust/performance_counters/src/lib.rs
new file mode 100644
index 000000000..f450f49aa
--- /dev/null
+++ b/rust/performance_counters/src/lib.rs
@@ -0,0 +1,125 @@
+//! An example of performance counters usage.
+//!
+//! dfx deploy && dfx canister call performance_counters get
+
+// The following performance counters supported:
+//
+// - 0 : current execution instruction counter.
+//       The number of WebAssembly instructions the canister has executed
+//       since the beginning of the current Message execution.
+//
+// - 1 : call context instruction counter.
+//       - For replicated message execution, it is the number of WebAssembly instructions
+//         the canister has executed within the call context of the current Message execution
+//         since Call context creation. The counter monotonically increases across all message
+//         executions in the call context until the corresponding call context is removed.
+//       - For non-replicated message execution, it is the number of WebAssembly instructions
+//         the canister has executed within the corresponding `composite_query_helper`
+//         in Query call. The counter monotonically increases across the executions
+//         of the composite query method and the composite query callbacks
+//         until the corresponding `composite_query_helper` returns
+//         (ignoring WebAssembly instructions executed within any further downstream calls
+//         of `composite_query_helper`).
+//
+// In the future, the IC might expose more performance counters.
+use ic_cdk::api::{call_context_instruction_counter, instruction_counter};
+
+/// Pretty print the `title` and a corresponding `tuple` with counters.
+fn pretty_print<N: std::fmt::Display, T: std::fmt::Display>(title: N, counters: (T, T)) {
+    ic_cdk::println!("{:40} {:<15} {:<15}", title, counters.0, counters.1);
+}
+
+/// Loop to simulate some amount of work.
+fn do_some_work() {
+    for i in 0..1_000_000 {
+        // The black box hint is to avoid compiler optimizations for the loop.
+        std::hint::black_box(i);
+    }
+}
+
+/// Returns a tuple with all the performance counters.
+fn counters() -> (u64, u64) {
+    (instruction_counter(), call_context_instruction_counter())
+}
+
+/// Emulate a nested inter-canister update call.
+#[ic_cdk_macros::update]
+fn nested_update_call() -> (u64, u64) {
+    counters()
+}
+
+/// Emulate a nested inter-canister composite query call.
+#[ic_cdk_macros::query(composite = true)]
+fn nested_composite_query_call() -> (u64, u64) {
+    counters()
+}
+
+////////////////////////////////////////////////////////////////////////
+// Canister interface
+////////////////////////////////////////////////////////////////////////
+
+/// Example usage: `dfx canister call performance_counters for_update`
+#[ic_cdk_macros::update]
+async fn for_update() -> (u64, u64) {
+    do_some_work();
+    let before = counters();
+
+    let inside_1st: (u64, u64) = ic_cdk::call(ic_cdk::id(), "nested_update_call", ())
+        .await
+        .unwrap();
+
+    do_some_work();
+    let after_1st = counters();
+
+    let inside_2nd: (u64, u64) = ic_cdk::call(ic_cdk::id(), "nested_update_call", ())
+        .await
+        .unwrap();
+
+    do_some_work();
+    let after_2nd = counters();
+
+    pretty_print(
+        "Performance counters for update call:",
+        ("current (0)", "call context (1)"),
+    );
+    pretty_print("  before the nested call:", before);
+    pretty_print("  > inside the 1st nested call:", inside_1st);
+    pretty_print("  after the 1st nested call:", after_1st);
+    pretty_print("  > inside the 2nd nested call:", inside_2nd);
+    pretty_print("  after the 2nd nested call:", after_2nd);
+
+    after_2nd
+}
+
+/// Example usage: `dfx canister call performance_counters for_composite_query`
+#[ic_cdk_macros::query(composite = true)]
+async fn for_composite_query() -> (u64, u64) {
+    do_some_work();
+    let before = counters();
+
+    let inside_1st: (u64, u64) = ic_cdk::call(ic_cdk::id(), "nested_composite_query_call", ())
+        .await
+        .unwrap();
+
+    do_some_work();
+    let after_1st = counters();
+
+    let inside_2nd: (u64, u64) = ic_cdk::call(ic_cdk::id(), "nested_composite_query_call", ())
+        .await
+        .unwrap();
+
+    do_some_work();
+    let after_2nd = counters();
+
+    pretty_print(
+        "Perf. counters for composite query call:",
+        ("current (0)", "call context (1)"),
+    );
+    pretty_print("  before the nested call:", before);
+    pretty_print("  > inside the 1st nested call:", inside_1st);
+    pretty_print("  after the 1st nested call:", after_1st);
+    pretty_print("  > inside the 2nd nested call:", inside_2nd);
+    pretty_print("  after the 2nd nested call:", after_2nd);
+
+    after_2nd
+}