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Economic system of each Canadian province expanded ultimate 12 months, StatsCan says

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Canada’s gross domestic product grew 3.3 per cent in Canada in 2017 — the strongest pace of growth in six years, according to Statistics Canada.

The output of the economy grew last year for every province and the territories except Yukon, the agency reported on Wednesday.

The three provinces with the best GDP growth rates were Alberta, British Columbia and Prince Edward Island, while the three provinces with the worst growth rates were in New Brunswick, Nova Scotia and Newfoundland and Labrador.

StatsCan said the growth rates provide an indication of how well an industry or an economy is doing and help policy-makers at the Bank of Canada, the finance ministry and provincial governments monitor the evolution of provincial and territorial economies, formulate policies and decide on the timing of their implementation.

Last year, Alberta’s economy grew by the highest amount of any province, at 4.9 per cent as both goods-producing and services-producing industries expanded. StatsCan said a recovery in oil prices helped contribute increases in output in the energy sector.

In B.C., GDP rose 3.9 per cent in 2017 due to its services-producing industries, such as real estate and rental/leasing industries, as well as transportation industries. Among goods-producing industries, B.C.’s construction sector contributed most to its GDP growth.

In P.E.I., real GDP expanded 3.2 per cent, the highest among Atlantic provinces with increases in goods-producing industries outpacing services-producing industries for the first time in four years. Growth was broad-based with 18 of the 20 industry groups recording higher output, the agency said.

Canada’s largest province, Ontario, saw its GDP rise by 2.8 per cent in 2017, up from 2.6 per cent in 2016. Most of Ontario’s growth came from the service sector, which made up 80 per cent of the growth in the province’s economy.

Newfoundland and Labrador’s GDP grew 2.1 per cent last year, up from 1.7 per cent in 2016. Goods-producing industries grew on the strength of contributions from mining, quarrying and oil and gas extraction, as well as construction and manufacturing. Fishing and hunting declined for a fifth straight year.

And Nova Scotia’s GDP rose 1.2 per cent, the fourth consecutive year of growth, with services output, such as real estate, wholesale trade and retail trade, contributing more to growth than goods-producing industries.

SOURCE: CBC.ca

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