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

December 01, 2017
CANADIAN ECONOMIC ACCOUNTS Q3 2017

Real gross domestic product (GDP) grew 1.7 per cent (all figures seasonally adjusted at annual rates) in Canada in the third quarter, following on 4.3 per cent and 3.7 per cent in the previous two quarters. Final domestic demand was up a similar pace of 3.7 per cent but exports declined 10.2 per cent.

                              

Growth in household final consumption was 4.0 per cent, following on the pace of 5.0 per cent of the previous quarter. Goods consumption was slower while services expenditures accelerated from the previous quarter. Expenditures by Canadians abroad was the main contributor to household spending. Government final consumption was up 3.0 per cent.

Residential structures fell 1.4 per cent after a decline of 3.6 per cent in Q2, the first consecutive declines since Q1 2013. Ownership transfer costs, which reflect activity in resale market declined while new construction was up. Business fixed capital slowed to 3.7 per cent following on 8.2 per cent and 10.6 per cent in the previous two quarter. Intellectual property products also slowed with lower investment in mineral exploration and evaluation after strong growth over the first half of 2017.

Exports of goods and services decreased 10.2 per cent in Q3 after growing the past four quarters. Exports of goods declined was mainly attributable to motor vehicles and parts with work stoppages and changes to certain models destined for American market. Metal and non-metallic mineral products, consumer goods and energy product shipments were also down. Export of services grew due to commercial services growth. Imports were virtually unchanged.

Canadian businesses accumulated $17.2 billion in inventories, the largest accumulation since Q1 2014, following on a $11.9 billion increase in Q2. Manufacturers added $4.3 billion, wholesale added $6.4 billion and retail trade was up $5.4 billion.

The overall price level of goods and services produced in Canada (the GDP implicit price index) was unchanged in the third quarter of 2017 with import prices decreasing 15.4 per cent as Canadian dollar appreciated. As a result, the nominal value of GDP (which includes the effects of price and volume changes) increased 1.8 per cent, a slower pace than the past four quarters.  Measured in current prices on annualized basis, compensation of employees was up 5.1 per cent and gross operating profits of corporations was down 2.7 per cent.

 

CANSIM Table 380-0064

CANSIM Table 380-0063



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