Provincial and Territorial Economic Accounts Review, 2017 Estimates
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Highlights
For the first time since 2010, real gross domestic product (GDP) advanced in all provinces and territories in 2017. Alberta’s economy grew the fastest among the provinces (+4.4%), while Ontario and Quebec, Canada’s largest provincial economies, both rose 2.8%. Canada’s real GDP rose 3.0% in 2017, following a 1.1% increase in 2016. Final domestic demand rose 3.1%, the fastest pace since 2010.
Data table for Chart 1
| Province or territory | 2017 |
|---|---|
| % change, chained (2012) dollars | |
| Canada | 3.0 |
| N.L. | 0.9 |
| P.E.I. | 3.5 |
| N.S. | 1.5 |
| N.B. | 1.8 |
| Que. | 2.8 |
| Ont. | 2.8 |
| Man. | 3.2 |
| Sask. | 2.2 |
| Alta. | 4.4 |
| B.C. | 3.8 |
| Y.T. | 3.1 |
| N.W.T. | 3.7 |
| Nvt. | 9.8 |
| Source: Statistics Canada, Provincial and Territorial Economic Accounts Review, catalogue number 13-016-X. | |
Nationally, growth was primarily driven by a 3.6% rise in household spending, the fastest pace since 2010. Spending on durable goods—notably, motor vehicles and furniture—was up 7.1%, the highest since 2002. Outlays for services increased 3.3%, after rising 2.1% in 2016.
Gross fixed capital formation rebounded 3.0%, following a 4.3% decline in 2016. Exports of goods and services to other countries rose 1.1%, while imports increased 4.2%.
A 5.6% growth rate, the fastest pace since 2011, brought Canada’s nominal GDP to $2,137.5 billion in 2017. Robust growth in compensation of employees (+4.3%) and gross operating surplus (+9.1%) contributed to the overall increase. Household disposable income rose 4.6% in 2017.
This release incorporates revisions to the provincial and territorial economic accounts for 2015 and 2016. Nationally, growth in real GDP was revised downwards from 1.0% to 0.7% in 2015 and from 1.4% to 1.1% in 2016. More up-to-date information reinforced the published estimates of weaker growth in 2015, and also indicated that the downturn was more broad-based then previously reported as eight out of 13 provinces and territories had their real GDP growth revised lower in 2015. Likewise, the acceleration into 2016 was more subdued as incomes grew more slowly than originally reported. For example, the overall depth of the decline in Alberta was deeper than previously reported as their nominal GDP was revised downwards in both 2015 and 2016. Real GDP in British Columbia was revised downwards in 2015 due to weaker than reported exports.
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