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March 01, 2019CANADIAN ECONOMIC ACCOUNTS Q4 AND ANNUAL 2018 4TH QUARTER
Real gross domestic product (GDP) grew 0.4 per cent (all figures seasonally adjusted at annual rates) in Canada in the fourth quarter, following growth of 2.0 per cent in the third quarter and 2.6 per cent in the second quarter. Final domestic demand declined 1.5 during the quarter.
Growth in household final consumption slowed to 0.7 per cent in Q4 2018 following growth of 1.3 per cent in the third quarter. Outlays on durable goods declined 2.0 per cent with lower motor vehicles purchases. Outlays for semi-durable goods declined 1.3 per cent while spending for non-durables was flat for the quarter. Outlays for services increased 2.0 per cent.
Non-residential investment in buildings and engineering structures declined 15.0 per cent in Q4 2018. Machinery and equipment declined for the second consecutive quarter, while intellectual property products rose due to mineral exploration and evaluation.
Residential investment declined 14.7 per cent in the fourth quarter as markets continued to soften. New construction, renovations, and ownership transfer costs all declined for the quarter.
Exports declined 0.2 per cent as rising services exports only partially offset a decline in goods exports. Export shipments were down for forestry products, metal ores and non-metallic minerals, and energy products. Imports were down 1.1 per cent in Q4 with lower imports of basic and industrial chemicals, plastic and rubber products, motor vehicles and parts, metal and non-metallic mineral products.
Inventories accumulation accelerated from $5.4 billion in Q3 to $13.4 billion in the fourth quarter.
The overall price level of goods and services produced in Canada (the GDP implicit price index) declined 3.3 per cent in the fourth quarter after rising 2.2 per cent in Q3 2018. Nominal GDP declined 2.7 per cent in the quarter. On an annualized basis, compensation of employees increased 4.8 per cent and corporate net operating surplus declined 38.1 per cent due to lower export prices, primarily for crude oil and bitumen products. The household saving rate rose to 1.1 in the fourth quarter.
ANNUAL 2018
For 2018, real GDP rose 1.8 per cent following growth of 3.0 per cent in 2017. Growth slowed considerably in the fourth quarter of the year. Final domestic demand grew during the first half of the year and declined in the second half, with overall growth of 1.9 per cent for the year. Household final consumption was up 2.1 per cent with growth in both goods (+1.4 per cent) and services (+2.6 per cent). Business fixed capital formation rose 0.3 per cent after growth of 2.3 per cent in 2017. The slowdown was primarily due to a 2.3 per cent decline in residential investment, offset by a 1.7 per cent increase in non-residential structures and machinery and equipment investment. Export volumes rose 3.3 per cent in 2018, an acceleration from 1.1 per cent growth in 2017. Imports grew 2.9 per cent in 2018.
In nominal terms, compensation of employees was up 4.6 per cent, faster than the 4.3 per cent growth observed in 2017. Gross operating surplus increased 1.8 per cent following growth of 9.1 per cent in the previous year.
Source: Statistics Canada Tables 36-10-0103-01 and 36-10-0104-01
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