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Newfoundland and Labrador

The Newfoundland and Labrador economy expanded 6.1% in 2010, following a 9.0% decline in real gross domestic product (GDP) in 2009. The 2010 increase was associated mainly with an increase in business investment. Final domestic demand advanced 8.8%, the largest annual increase among the provinces.

Chart 2 Newfoundland and Labrador's GDP
Description for Chart 2
Chart 2 Newfoundland and Labrador's GDP

Business investment jumped 30% in 2010, as work began on a new mineral ore processing plant. Residential investment increased 17%. This increased economic activity contributed to advances in wholesale trade and transportation services.

Investment in machinery and equipment and investment in non-residential buildings and structures increased 31% and 41% respectively.

Total imports increased 10%. Increased demand by businesses and government for machinery and equipment contributed to this increase.

The economy was also bolstered by a rebound in metal ore mining, following a strike which began in 2009. Increased output of oil and gas extraction and other engineering construction also contributed to the gain.

While international exports of goods declined for a second consecutive year, interprovincial exports climbed 20%. Major contributors to the growth in interprovincial exports included crude petroleum exports as well as shipments of other mineral ores and concentrates.

Consumer spending rose 2.6% in 2010, similar to the increase in 2009.

Government current expenditure on goods and services advanced 3.6%, above the national average.

Nominal GDP rose 14% as corporate profits and government royalty revenue both rebounded sharply from declines in 2009. Higher prices for oil and other natural resources contributed to this gain. The overall price of goods and services produced in Newfoundland and Labrador increased 7.3%.

Labour income grew 4.8%, the second consecutive year that Newfoundland and Labrador bested the national average. Growth in personal disposable income slowed to 4.5% from the 8.3% increase registered in 2009. The saving rate remained virtually unchanged at 4.5%.

The slowdown in the growth of personal disposable income helped drive the household debt-service ratio up to 6.02. Newfoundland and Labrador was one of only three provinces and territories that recorded an increase in the debt-service ratio in 2010.

Prince Edward Island

Real GDP in Prince Edward Island increased 2.6% in 2010. An increase in business investment and personal expenditures on durable goods were the main contributors to the overall expansion. Final domestic demand increased 3.6% for the year.

Chart 3 Prince Edward Island's GDP
Description for Chart 3
Chart 3 Prince Edward Island's GDP

Business investment in fixed capital increased 10% in 2010. Investment in non-residential structures rebounded from a sharp decline in 2009, increasing 28%, but remained well below the level of investment registered in 2008.

Investment in residential structures posted another strong increase in 2010, climbing 13% on top of a 6.9% increase in 2009. Investment in machinery and equipment declined for a second consecutive year.

Growth in personal expenditure on goods and services expanded in 2010, in particular, expenditure on durable goods and services.

Exports increased 2.1%, fuelled by a 6.0% increase in interprovincial exports. Exports of food products and services to other provinces were the main contributors. Overall, crop and animal production increased after remaining flat in 2009.

International exports fell for the third consecutive year, mainly due to a decline in the exports of frozen foods. Manufacturing production retreated, as output of food, transportation equipment and chemical products declined.

Government investment in fixed capital declined in PEI, one of only two provinces or territories to register a decline in 2010. Investment by government in non-residential structures fell 3.7%; however this followed a large increase in 2009.

Nominal GDP increased 4.9% aided by a 3.1% rise in labour income. Corporate profits were down 1.2% in 2010. Wages and salaries increased in both the goods-producing and services industries. Healthy labour income increases contributed to gains in the retail trade industry.

The price of goods and services produced in Prince Edward Island climbed 2.2%, despite a drop in the price of exports.

Personal income rose 3.7%, helped in part by a 5.1% increase in the net income of non-farm unincorporated businesses. The personal saving rate declined to -5.2%. PEI was one of only three provinces with a negative saving rate in 2010.

The household debt-service ratio declined as the growth in personal disposable income outpaced that of interest paid by households.

Nova Scotia

Real GDP in Nova Scotia rose 1.9% in 2010, after remaining unchanged in 2009. Increases in exports and business investment contributed the most to the overall increase. Final domestic demand grew 2.4%, one of the lowest provinces.

Chart 4 Nova Scotia's GDP
Description for Chart 4
Chart 4 Nova Scotia's GDP

Exports increased 3.6% as both international and interprovincial exports rose. Exports of natural gas fell for a second consecutive year. This decline was more than offset by increases in manufactured exports such as fish and seafood products as well as rubber products.

Manufacturing output was up, particularly for rubber and forest products. Transportation equipment manufacturers advanced output with work on Coast Guard vessels and naval frigates.

Business investment grew 5.9% in 2010. Increases in machinery and equipment and investment in residential structures were partially offset by a decline in the non-residential investment in structures. Investment in non-residential buildings and structures fell 7.4% after increasing 41% in 2009, mainly due to lower level of investments in the oil and gas sector.

Business investment in residential structures registered double-digit growth following two years of decline. Housing starts increased 25% over 2009.

Investment in fixed capital by governments increased a moderate 2.2% in 2010. Investment in non-residential structures retreated slightly while investment in machinery and equipment remained strong.

The increased demand for machinery and equipment served to drive up imports, which grew 5.4%. Both international and interprovincial imports contributed to the increase.

Consumers spending increased 2.1%, below the national average of 3.3%. Despite this, spending across all major categories increased with purchases of durable goods being particularly strong.

Growth in government spending on goods and services slowed, increasing 1.4% compared to 2.9% the previous year.

Nominal GDP increased 4.5% in 2010. The price of goods and services produced in Nova Scotia was up 2.6%. The price of exported goods increased 1.9% while the overall price of imports increased 0.1%, improving Nova Scotia's terms of trade.

Corporation profits declined 1.2%, while labour income advanced 4.8%, a marked increase from the 2.7% gain registered in 2009.

An increase in personal income, along with little change in personal income tax paid, helped drive personal disposable income higher in 2010.

The household debt-service ratio declined again in 2010 as the growth in personal disposable income outpaced growth in interest paid.

New Brunswick

New Brunswick's real GDP increased 3.1% in 2010. Interprovincial exports and government investment in non-residential buildings and structures contributed the most to the overall expansion.

Chart 5 New Brunswick's GDP
Description for Chart 5
Chart 5 New Brunswick's GDP

Exports increased 4.8%, mainly due to an 11% increase in exports to other provinces. Interprovincial exports of goods related to the forestry industry were up. The output of manufactured wood products advanced in 2010, following many years of decline.

International exports were unchanged from 2009, as the 0.1% increase in international exports of goods was offset by a 0.8% decline in international exports of services.

Government investment in capital jumped 38% in 2010 as work continued on a number of large infrastructure-related projects.

Business investment fell for the second consecutive year, the only province to register a decline in business investment in 2010. Investment in non-residential buildings and structures recorded a decline of over 30% for a second year, while business investment in machinery and equipment also retreated.

Investment in residential structures increased 7.7% as housing starts jumped 17%, following a decrease in 2009.

Imports increased 2.9%, mainly due to interprovincial imports of goods. Growth in consumer spending was below the national average.

Nominal GDP increased 5.5% in 2010, below the national rate. Labour income was up 4.0%. Corporate profits increased 19%, following two years of decline.

The price of both imported and exported goods increased, due mainly to increasing crude petroleum and refined petroleum prices. The price of machinery and equipment was down. The overall price of goods and services produced in New Brunswick increased 2.3%.

A 3.4% increase in personal income coupled with a decline in transfers to government helped drive up personal disposable income 4.3%. The personal sector saving rate increased in 2010 while the household debt-service ratio fell.

Quebec

The Quebec economy expanded 2.5% in 2010. Growth in business investment, and consumer spending contributed the most to the increase. Final domestic demand increased 4.2%.

Chart 6 Quebec's GDP
Description for Chart 6
Chart 6 Quebec's GDP

Business investment and government investment registered increases in 2010, growing 8.8% and 8.3% respectively. Business investment in residential construction increased 13% following two years of decline while investment in machinery and equipment rose 7.8% after posting a double-digit decline in 2009. Governments continued to invest in both structures and machinery and equipment.

The high level of investment drove up demand for imported goods. Imports increased 5.3%, as passenger cars, trucks, computers and related equipment registered notable gains.

Exports increased a modest 0.8% in 2010, as exports of goods fell, while exports of services registered an increase. The manufacturing industry recorded an increase in output as did logging and forestry, both reversing downward trends.

Personal expenditure grew 3.3% in 2010. Spending on both durable and semi-durable goods increased significantly while growth in spending on non-durable goods was more moderate.

Nominal GDP increased 4.8% as labour income (4.3%) and corporate profits (18%) increased over 2009 levels. The price of goods and services produced in Quebec increased 2.2%, below the national average.

The growth in nominal personal expenditures and the slower growth in labour income pushed the personal saving rate down to 3.7%. Personal disposable income increased 4.1% while the household debt-service ratio moved down.

Ontario

Ontario's real GDP increased 3.0% in 2010. A 7.5% rise in exports was the main contributor to the expansion in GDP. Business investment was up 8.9% following a 13% decrease in 2009. Final domestic demand grew 4.8%.

Chart 7 Ontario's GDP
Description for Chart 7
Chart 7 Ontario's GDP

The increase in exports of goods and services was led by sharp increases in international exports of goods such as motor vehicles and related parts, as well as computers and related equipment. Interprovincial exports rose a more modest 1.9%.

Overall, manufacturing output advanced after two years of significant declines. Production rose in 16 of 21 major manufacturing industries in Ontario, led by a 29% rise in motor vehicle production. Gains were also reported by manufacturers of primary and fabricated metals, rubber and plastic products and machinery.

Businesses increased their capital expenditures as investment in machinery and equipment was higher. Investment in residential structures also advanced, while capital spending in non-residential structures fell for a third consecutive year.

Government investment increased 24% in 2010, on top of the double-digit growth posted in 2009. Investment in both machinery and equipment and structures was strong. Government expenditures on goods and services rose 2.6%.

The high level of investment drove up demand for imported goods. Total imports of goods and services increased 13%. The main contributor to this increase was international imports of goods which rose 19%.

Inventories accumulated in 2010 following a large draw-down in 2009.

Personal expenditure on consumer goods and services rose 3.6%. Consumers increased their expenditures across all categories of goods and services.

Nominal GDP rose of 5.3%. The price of goods and services produced in Ontario rose 2.3%. Personal income rose 4.2% as labour income increased 3.9% and transfers from government were up 7.8%.

Personal disposable income was up 5.1% as the growth in personal income outpaced the growth in personal income tax paid and other transfers to government. The personal saving rate was 4.1%, a slight decline from 2009. The household debt-service ratio inched downward.

Manitoba

Manitoba's real GDP increased 2.4% in 2010 after a small decrease in 2009. The increase in 2010 was equal to the average growth over the past five years. Business investment grew as construction activity remained strong. Consumer expenditures increased and final domestic demand advanced 4.5%.

Chart 8 Manitoba's GDP
Description for Chart 8
Chart 8 Manitoba's GDP

Housing construction propelled the economy forward in 2010 as business investment in residential structures rose 11%. Non-residential investment also advanced.

Imports were up in 2010, particularly those from international sources. Commodities such as automobiles and trucks registered strong gains following large declines in the previous year. Business investment in machinery and equipment advanced 11%.

Continued strong population growth contributed to a 3.4% increase in consumer expenditure, above the national average. Spending on durable and semi-durable goods advanced following declines in 2009.

Exports grew 1.1% on the strength of trade with other provinces and territories. International exports were down in 2010 as wheat and canola shipments were substantially lower. Exports of mining commodities rebounded from a decrease in 2009 while exported manufactured goods generally remained close to previous-year levels.

Increases in manufacturing of primary metals products and transportation equipment were offset by declines in the output of frozen food products, chemicals, and agricultural equipment.

Government current expenditures were up in 2010 while investment rose sharply (27%) as work continued on the Canadian Human Rights Museum.

Nominal GDP advanced 5.3% as corporate profits rose 13%. The gains in profits were spurred by increased production and also a 2.8% increase in the price of goods and services produced in Manitoba. Prices for mined commodities generally grew in 2010 and contributed to increased mining exploration activity.

The price for final domestic demand was up 1.2%, less than the 2.4% gain for international exports. The price of imports was down for a second consecutive year.

Personal income grew 3.3% in 2010, mirroring the increase in labour income (3.4%). Employment increased 2.0% while the unemployment rate (5.4%) remained low. Net income of unincorporated farmers fell for a second consecutive year.

Personal disposable income grew 4.1% as personal savings remained near $1.2 billion. The household debt-service ratio moved upward, despite the growth in personal disposable income.

Saskatchewan

Saskatchewan's real GDP rebounded in 2010, growing 4.0%, following a decline of a similar magnitude in 2009. A 7.4% increase in exports was a major contributor to the economic expansion. Final domestic demand advanced 3.5% on the strength of business investment.

Chart 9 Saskatchewan's GDP
Description for Chart 9
Chart 9 Saskatchewan's GDP

Potash exports bounced back in 2010 and were a leading cause for the increase in international exports (+9.0%). International exports of crude oil remained at levels similar to 2009. Exports to other provinces and territories were up in 2010, but advanced at a slower rate than in 2009.

Manufacturing remained near 2009 levels, although builders of farm equipment reduced production. Wholesalers benefited from the increases in potash production and in exports.

After decreasing in 2009, imports advanced 5.9% in 2010 as both goods and services from international and inter-provincial sources increased. The international imports of goods were notably stronger in 2010 with trucks and construction and mining equipment leading the way.

Business investment in capital was up in 2010. Purchases of machinery and equipment increased 15% following a decline in 2009. Investment in residential construction grew 7.8% while non-residential spending remained nearly flat.

There was a large draw-down in farm inventories in 2010. Commodities with large declines included canola and wheat, as sales remained strong despite a downturn in production.

Personal spending on goods and services advanced 2.5%. Spending on durable and semi-durable goods both increased in 2010, following declines in the previous year. Expenditures on non-durable goods and services continued to grow.

Government current expenditure advanced at a slower pace than in 2009 (1.4%) while government spending on capital jumped 20%, just ahead of the national pace.

Nominal GDP grew 9.6%, a much higher increase than real GDP. Prices for all goods and services produced in the province were up 5.4%. An increase in the price of crude oil contributed to this rise although it was moderated by a decrease in potash prices. Corporate profits were up 31%, following a big drop in 2009.

Personal income rose 4.5% as labour income advanced at the second highest rate of any province or territory in Canada in 2010. Employment increased 0.8% and the unemployment rate remained low. A downturn in farm income moderated the growth of personal income as bad weather hindered crop production.

Personal disposable income increased at a faster pace than personal income as income tax recorded only a small increase. Savings grew by 17% while the province's debt-service ratio for households edged downward.

Alberta

Alberta's real GDP rebounded 3.3% in 2010 after falling in 2009. Personal spending on goods and services as well as investment in residential housing both advanced, contributing to the economic expansion. Final domestic demand increased 4.4%.

Chart 10 Alberta's GDP
Description for Chart 10
Chart 10 Alberta's GDP

After a decline in 2009, Albertans spent more on durable and semi-durable goods in 2010. Sales of motor vehicle were a major contributor to the gains in durable goods. Spending on non-durable goods and on services both advanced at a higher pace than in 2009.

Business investment advanced 4.7% in 2010 led by a 19% increase in residential housing. Spending on machinery and equipment was up. Non-residential construction recorded a small decrease in 2010, following an even bigger drop in 2009.

After three years of draw-downs, $2.1 billion were added to inventories in 2010, as both farm and non-farm inventories recorded gains. Crop production, particularly canola, was up sharply in the year.

Imports from other countries, particularly of goods, increased. Construction and mining machinery imports registered a notable gain. Imports from other provinces were up, with both goods and services increasing.

Exports of goods and services advanced in 2010 as the volume of crude mineral oil exports increased. Conversely, natural gas export volumes were down, partially offsetting oil shipments.

Among the provinces, Alberta had the highest nominal GDP per person. Nominal GDP advanced 9.5% as corporate profits rose 24%. Higher production as well as higher prices contributed to the gain in profits. The price for goods and services in the province was up 6.0%. Higher commodity prices led to a jump in support activities for mining, oil and gas extraction.

Export prices were a major contributor to the increase, following a large drop in 2009. Energy prices strengthened in 2010.

Personal income increased 5.1% with labour income advancing at a similar pace. The unemployment rate (6.5%) remained nearly unchanged from 2009.

Personal disposable income advanced 6.0% as the personal savings rate increased to 16.4%, the highest of any province in Canada. The household debt-service ratio moved downward due to the strength in personal disposable income.

British Columbia

British Columbia's real GDP expanded 3.0% in 2010. Non-residential investment surged in the province as construction of hospitals, and oil and gas projects advanced. Personal spending on goods and services grew after little gain in 2009. Final domestic demand increased 5.3%, the fastest rate since 2006.

Chart 11 British Columbia's GDP
Description for Chart 11
Chart 11 British Columbia's GDP

Capital spending on residential housing advanced 4.9% in 2010 following a double-digit decrease in 2009. Machinery and equipment investment also increased following a large drop in 2009. The volume of business investment remained lower than in 2008 despite the gains in 2010. Non-farm inventories registered a large draw-down in 2010.

Imports of goods and services from other countries were up sharply in 2010. Notable gains were registered for computer and related equipment, as well as for automobiles and trucks.

Exports expanded in 2010 following two years of decreases. Trade with other countries advanced 10% as notable gains were recorded in the production and export of commodities such as lumber, wood pulp, natural gas and coal.

Personal spending (+3.8%) by British Columbians outpaced the national average, after remaining nearly flat in 2009. Spending on all the major categories including durable goods, non-durable goods, semi-durable goods and services registered gains.

Government spending grew in 2010, but at about half the rate of 2009. Capital spending advanced 11%. However, both the rate of growth on spending on goods and services by government as well as on capital were below the national average.

Nominal GDP increased 5.9% as corporate profits went up 22% in 2010. Prices for all goods and services in the western-most province increased 2.7%. Prices for consumer goods and services were up 1.0%, similar to the 2009 rate. Prices of durable and semi-durable goods slipped lower in the year.

Personal income grew 4.0%, the same rate of growth as labour income. Total employment advanced 1.8% following a decrease of 2.1% in 2009. The Olympic Winter Games had a positive impact on recreation and accommodation services activity as well as labour markets.

The personal saving rate was virtually unchanged in 2010 despite a 4.8% gain in personal disposable income. The household debt-service ratio moved downward in 2010, but remained the highest in Canada.

Yukon

Yukon's real GDP expanded 3.7% in 2010, following slightly higher growth in 2009. Increases in consumer expenditure and business investment were more than enough to compensate for a decline in exports.

Chart 12 Yukon's GDP
Description for Chart 12
Chart 12 Yukon's GDP

Business investment in the Yukon grew at the fastest rate of any province or territory in Canada in 2010. Non-residential business investment was up 76%. Residential housing investment was also up. Machinery and equipment investment doubled from 2009 as several new mines were scheduled to commence production in 2010.

With the population growing at a rate well above the national average, personal spending on goods and services increased 4.3%, the highest rate of any province or territory in Canada in 2010. Spending on services advanced 5.2%.

Government current expenditure on goods and services increased 1.6%, and government expenditure on fixed capital was down 6.7%, following a large increase in 2009.

Exports were slightly lower in 2010 as metal ore mining production decreased. Exports to other countries were down while trade to other provinces increased after a downturn in 2009.

Imports were sharply higher in 2010 with shipments of goods from other countries leading the way. Notable gains were recorded for trucks and road tractors as well as for construction and mining related equipment.

Nominal GDP expanded 9.2%. Prices for all goods and services in the Yukon grew 5.3%. Export prices for goods shipped to other countries recorded a notable increase. Metal ore and gold prices were higher in 2010, contributing to increased mining exploration activity.

Personal income was up 6.4%. Labour income grew at nearly twice the rate of 2009. The personal saving rate increase in 2010 and was well above the national average.

Northwest Territories

The real GDP of the Northwest Territories grew 1.1% in 2010. Business investment in non-residential structures and machinery and equipment contributed to the expansion in the territories' economy following a downturn in 2009. The increase in investment was largely linked to the oil and gas sector.

Chart 13 Northwest Territories' GDP
Description for Chart 13
Chart 13 Northwest Territories' GDP

Spending on goods and services by households advanced at a rate well below the national average. Slow population growth moderated sales. Spending on durable and non-durable goods both decreased for a second consecutive year. Expenditures on semi-durable goods and services were up. Residential housing investment also expanded.

Exports advanced 2.7% following two years of double-digit declines. Shipments of diamonds rebounded in 2010, providing a boost to exports.

Imports increased in 2010 after several years of decline. Construction and mining machinery imports were notable.

Government investment in capital was up sharply in 2010 providing a boost in economic growth. Spending on infrastructure projects such as highways as well as on educational and health facilities played a key part in the expansion.

Nominal GDP was up 16%, the highest rate of any province or territory in Canada in 2010. Prices for all goods and services in the territory rose 14%, led by a large increase in prices of exported goods.

Corporate profits nearly doubled from the previous year. Commodity prices, particularly for oil and gas and diamonds rose in 2010. Domestic price gains remained moderate as prices for final domestic demand increased 2.1%.

Personal income was 4.4% higher as labour income rebounded from a downturn in 2009. The gains in labour income were partially offset by a decrease in income earned by household investment.

Personal disposable income grew, leading to a 14% gain in personal saving. The household debt-service ratio declined again and was one of the lowest in the country.

Nunavut

Nunavut's real GDP advanced 11% in 2010, following an 8.2% decline in 2009. Shipments from a new gold mine increased exports and were an important contributor to the economic expansion. Corporate profits more than doubled in 2010.

Chart 14 Nunavut's GDP
Description for Chart 14
Chart 14 Nunavut's GDP

Exports to other provinces also more than doubled in the year. Imports grew 14% with trade from both international and Canadian locations registering increases. Imports of construction-related machinery and equipment recorded gains.

Business investment edged upward in 2010 following a large drop in capital spending in 2009. Investment in machinery and equipment and non-residential structures were both up. Residential investment was down for a second consecutive year.

Higher commodity prices spurred mining exploration and construction is underway at a second mining site in the northern part of the territory.

Consumers increased their expenditures across all categories of goods and services.

Government spending on goods and services was up 0.8% while government capital expenditures rose 5.1%.

Nominal GDP rose 15%, the second highest rate of any province or territory in Canada. Despite this big gain, prices were up only 3.3% for all goods and services in the territory. Export prices increased 1.0% while final domestic demand prices grew 1.9%.

Labour income (+6.6%) grew faster than personal income and personal disposable income. The increase in labour income was the highest of any province or territory in Canada in 2010.

The personal saving rate remained high. The household debt-service ratio increased in 2010 yet was still the lowest of any province or territory in Canada.

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