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March 02, 2017CANADIAN ECONOMIC ACCOUNTS Q4 2016 
Real gross domestic product (GDP) grew 2.6 per cent (all figures seasonally adjusted at annual rates) in Canada in the fourth quarter, following on 3.8 per cent growth in Q3. Final domestic demand was up 0.4 per cent with ongoing weakness in business investment.
Growth in household final consumption was 2.6 per cent, a similar pace as last quarter. Growth occurred with goods (+3.7%) as spending rose on durable goods after two quarters of decline. Services consumption was up 1.8 per cent. Government final consumption expenditures rose 2.1 per cent after a decline in Q3.
Business gross fixed capital formation decreased 8.2 per cent, the ninth consecutive quarter of decline. Investment in non-residential structures was down in part due to the Hebron offshore oil project being accounted for in previous quarters. Investment in machinery and equipment (-10.3%) and intellectual property products (-7.3%) were also down. Residential structures rebounded with growth of 4.8 per cent following two weak quarters. New construction and renovations were both up.
Exports were up 1.3 per cent, a slower pace than the 9.4 per cent in the previous quarter. Exports of goods was up 1.2 per cent led by exports of crude oil and bitumen and metal and non-metallic products. Exports of passenger cars and light trucks were down. Imports of goods was down 15.5 per cent with the import of a large module for Hebron project occurring in Q3. Imports were also down for crude oil and bitumen and commercial and transportation services.
Canadian businesses reduced inventories by $5.0 billion after accumulating $7.4 billion in Q3. Manufacturers’ inventories were down $6.9 billion.
The overall price level in the Canadian economy (the GDP deflator) increased 4.3 per cent in the fourth quarter of 2016. As a result, the nominal value of GDP (which includes the effects of price and volume changes) increased 7.0, the fastest growth since Q1 2013. Measured in current prices, compensation of employees was up 5.7 per cent, while gross operating profits of corporations was up 13.6 per cent.
CANSIM Table 380-0064
CANSIM Table 380-0063
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