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May 31, 2017CANADIAN ECONOMIC ACCOUNTS Q1 2017 
Real gross domestic product (GDP) grew 3.7 per cent (all figures seasonally adjusted at annual rates) in Canada in the first quarter, following on 2.7 per cent growth in Q4. Final domestic demand was up 4.7 per cent while exports declined.
Growth in household final consumption was 4.3 per cent, a faster pace than in 2016. Durable goods consumption grew 9.9 per cent with transport being the largest contributor to increased household spending. Growth also occurred with housing, water, electricity, gas and other fuels; clothing and footwear, and services. Government final consumption was up 0.5 per cent.
Residential structures grew 15.7 per cent with increases in new construction, renovations and ownership transfer costs. There was strong resale activity in the Ontario market. Business non-residential investment grew 10.3 per cent as machinery and equipment was up 25.3 per cent with increases in industrial machinery, computers, and trucks. Investment in intellectual property products increased 6.3 per cent on rising exploration and evaluation in oil and gas. Non-residential structures increased 0.7 per cent. Government fixed capital formation increased 0.4 per cent after growth of 6.5 per cent in Q4 2016 and 4.7 per cent in Q3 2016.
Exports of goods and services were down 0.3 per cent in Q1. Exports of goods were unchanged with increases in motor vehicles and parts, farm, fishing and intermediate food products offsetting declines in aircraft and metal ores and non-metallic minerals. Exports of services were down 1.9 per cent with lower commercial services offsetting an increase in travel services. Imports were up 13.7 per cent, following a decline in the last quarter, due to the rising vehicle consumption and machinery and equipment investment.
Canadian businesses accumulated $12.2 billion in inventories with manufacturers adding $6.1 billion, wholesalers adding $3.8 billion, and retailers adding $2.3 billion.
The overall price level in the Canadian economy (the GDP deflator) increased 3.1 per cent in the first quarter of 2017. As a result, the nominal value of GDP (which includes the effects of price and volume changes) increased 8.3, the fastest growth since Q1 2011. Measured in current prices on annualized basis, compensation of employees was up 3.7 per cent and gross operating profits of corporations was up 19.4 per cent.
CANSIM Table 380-0064
CANSIM Table 380-0063
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