Provincial and Territorial Economic Accounts Review

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2012 Estimates

Overview

Economic growth was slower for most provinces and territories in 2012 compared with 2011. Nationally, real gross domestic product (GDP) increased 1.7% following 2.5% growth in 2011.

Real GDP growth surpassed the national average in Manitoba, Saskatchewan, Alberta, Yukon and Nunavut, with Alberta (+3.8%) recording the largest increase. Real GDP was down in Newfoundland and Labrador (-4.4%), New Brunswick (-1.1%) and Nova Scotia (-0.1%).

Chart 1 Real gross domestic product, 2012

Description for Chart 1

Household final consumption expenditure rose in all provinces and territories. However, it grew at a slower pace than in 2011 in all jurisdictions, except Newfoundland and Labrador, Saskatchewan and Alberta. In Alberta, households recorded the strongest increase in spending in the country at 4.3%.

Business gross fixed capital formation in residential structures increased 6.1% nationally in 2012 compared with 1.6% in 2011. Outlays were up in all provinces and in the Northwest Territories. Saskatchewan and Alberta led the way at 16.3% and 12.9%, respectively.

At the national level, business gross fixed capital formation in non-residential structures and machinery and equipment advanced 6.2% in 2012, following two years of double-digit gains. Newfoundland and Labrador, Quebec and British Columbia were well above the national average pace. Nova Scotia, New Brunswick, Yukon and Nunavut all posted declines.

Nationally, exports advanced 1.5% in 2012, slower than the 4.7% gain in 2011. Export growth also slowed across most of the provinces and territories. In Newfoundland and Labrador, Nova Scotia, Manitoba, British Columbia and Northwest Territories, exports fell in real terms. In Prince Edward Island, New Brunswick and Quebec, export growth accelerated in 2012.

Imports grew in all jurisdictions except Nova Scotia and the three territories in 2012. Nationally, imports were up 3.1% after increasing 5.7% in 2011, with most provinces and territories showing slower growth. Newfoundland and Labrador as well as New Brunswick posted stronger import growth than in 2011.

Compensation of employees (in current dollars) advanced in all provinces and territories except Nova Scotia (-0.3%), with Alberta (+9.2%) posting the strongest growth. Nationally, compensation of employees grew 4.5% in 2012 after advancing 5.3% in 2011.

Net operating surplus of corporations (in current dollars) was lower for all provinces and territories except Manitoba, Saskatchewan and Yukon. Nationally, net operating surplus of corporations declined 4.9% compared with an 11.3% increase in 2011.

Household disposable income (in current dollars) increased for most provinces and territories, led by Alberta (+9.0%), Yukon (+8.6%) and Newfoundland and Labrador (+7.0%). Nova Scotia (-0.4%) registered the lone decline. All provinces and territories except Prince Edward Island, Manitoba, Alberta, Yukon and Northwest Territories recorded slower growth in household disposable income than in 2011. National household disposable income was up 3.9% in 2012 after increasing 4.6% in 2011.

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