Experimental indexes of economic activity in the provinces and territories, April 2021
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Released: 2021-08-10
In April, the three-month moving average of economic activity rose or remained stable in all provinces and territories. The average growth in economic activity over the February-to-March period was highest in Alberta, Saskatchewan and Nova Scotia, according to the principal component analysis (PCA)-based experimental activity index. The lowest growth was in Manitoba and Prince Edward Island.
Compared to the month of March, public health restrictions tightened in most large provinces in April, and for Canada overall, the employment rate and gross domestic product edged down. This overall weakness is reflected in the slowing of growth in the economic activity indexes for half of the provinces and territories reported, including Ontario (-0.37 percentage points). In previous months, growth in the economic activity indexes had accelerated in the majority of provinces and territories.
Note to readers
The experimental indexes were developed to address the need for a comprehensive measure of economic activity at the sub-national level in advance of the annual estimates of gross domestic product for the provinces and territories.
Two statistical techniques, the principal component analysis (PCA) and the application of the least absolute shrinkage and selection operator (LASSO), are used to combine a range of economic indicators from a number of areas (e.g., the labour market, merchandise trade, manufacturing production, and wholesale and retail trade) into composite indicators.
Both PCA- and LASSO-based indexes are available in Table 36-10-0633-01.
Contact information
For more information, contact us (toll-free 1-800-263-1136; 514-283-8300; STATCAN.infostats-infostats.STATCAN@canada.ca).
To enquire about the concepts, methods or data quality of this release, please contact Ryan Macdonald (343-998-1890; ryan.macdonald@canada.ca), Economic Analysis Division.
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