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Alexander Chute Economist
Tel: 902-424-5810Email: Alexander.Chute@novascotia.ca

August 31, 2017
CANADIAN ECONOMIC ACCOUNTS Q2 2017

Real gross domestic product (GDP) grew 4.5 per cent (all figures seasonally adjusted at annual rates) in Canada in the second quarter, following on 3.7 per cent growth in Q1. Final domestic demand was up 3.5 per cent with imports rising 7.4 per cent.

                              

Growth in household final consumption was 4.6 per cent, following on the pace of 4.8 per cent of the previous quarter. Durable goods consumption grew 9.4 per cent with transport being the largest contributor to increased household spending. Growth also occurred with housing, water, electricity, gas and other fuels and clothing and footwear. Services growth was slower than goods purchases with an increase of 2.1 per cent. Government final consumption was up 2.5 per cent.

Residential structures fell 4.7 per cent due to a decline in ownership transfer costs with a new tax on home purchases by non-residents in Ontario coming into effect in April. New housing construction was unchanged while renovations were up. Business fixed capital increased 7.1 per cent following on 13.7 per cent in the previous quarter. Engineering structures, aircraft and other transportation equipment, and mineral exploration and evaluation all had increases in investments.

Exports of goods and services increased 9.6 per cent in Q2. Exports of goods were up with increases in energy products and industrial machinery and equipment. Export of services fell 0.6 per cent. Imports grew 7.4 per cent as aircraft and other transportation equipment, energy products, motor vehicles and parts were all up. Import of services were down 4.1 per cent on a decline in commercial services.

Canadian businesses accumulated $11.5 billion in inventories following on a $10.5 billion increase in Q1. Manufacturers added $3.3 billion and trade added $8.8 billion.

The overall price level of goods and services produced in Canada (the GDP implicit price index) decreased 1.4 per cent in the second quarter of 2017 with import prices rising 11.1 per cent. As a result, the nominal value of GDP (which includes the effects of price and volume changes) increased 2.9 per cent, a slower pace than the past three quarters.  Measured in current prices on annualized basis, compensation of employees was up 3.2 per cent and gross operating profits of corporations was down 0.4 per cent.

 

CANSIM Table 380-0064

CANSIM Table 380-0063



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