Business sector, services;Canada;Seasonally adjusted at annual rates;2017 constant prices (v65201488); from Cube 36100434: Gross domestic product (GDP) at basic prices, by industry, monthly
Gross Domestic Product is the unduplicated value of the goods and services produced (by a given industry) in the economic territory of a country or a region during a given period.
Series Attributes:
- Unit and Multiplier:
- Dollars, Millions
- Frequency:
- Monthly
- Valuation Type:
- Basic prices (value at)
The amounts receivable by the producer from the purchaser for a unit of a good or service produced as output minus any product tax payable, and plus any product subsidy receivable, by the producer as a consequence of its production or sale. It excludes any transport charges invoiced separately by the producer. - Seasonal Adjustment:
- Seasonally adjusted Monthly GDP
A time series is said to be “seasonally adjusted” when it has been altered to remove predictable seasonal regularities due to normal variations in climate through the year, the schedule of religious, civic and other holidays, established social patterns such as the timing of the school year and other factors of this nature. Seasonally adjusted time series are usually adjusted for calendar effects also, as for example when one month has more working days (Mondays to Fridays) than another. Seasonally adjusted time series are smoother than time series that are not seasonally adjusted. At Statistics Canada most seasonal adjustment is accomplished using X-12-ARIMA method that was developed by the U.S. Census Bureau. Usage of moving averages is one of the basic principles behind the X12-Arima approach. Moving averages can be of different forms (e.g. three by three, three by five, centered). For this vector and for most contained in the monthly GDP table, “short” (i.e. three by three) centered moving averages are used. A shorter moving average, as opposed to a longer one (e.g. three by five), has the advantage of providing an earlier detection of the turning point in a series. However, it generally means that the tail end of the seasonally adjusted time series is prone to larger revisions as there are less data points to calculate the seasonally adjusted results, and therefore each of them has a relatively higher weight. Seasonal adjustment for this vector and for all other monthly GDP vectors is performed up to the last data point available (i.e. concurrent seasonal adjustment) rather than using advanced / projected seasonal factors for the most current periods. While trading day adjustment is also performed with each month’s data, forecasted trading day factors are used within the latest year.
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