body id="other-en">
Statistics Canada
Symbol of the Government of Canada

Canadian economic accounts

Warning View the most recent version.

Archived Content

Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please "contact us" to request a format other than those available.

Fourth quarter 2008 and December 2008 (Previous release)

Real gross domestic product (GDP) declined 0.8% in the fourth quarter, weakening progressively each month. This was the sharpest quarterly decline since 1991. Declines in exports, capital investment and personal expenditures all contributed to the economic contraction. Final domestic demand fell 1.2%. Government current and capital expenditure rose. Real GDP declined 1.0% in December.

Chart 1

right click the chart to save it.

GDP growth for the year was positive at 0.5%, a sharp deceleration from 2.7% in 2007.

A more detailed analysis and additional data tables are available in Canadian Economic Accounts Quarterly Review.

The volume of imports fell faster than exports. Both registered their largest quarterly decline since 1982. Prices of imports climbed, notably because the Canadian dollar depreciated 14% in the quarter relative to its US counterpart. This was the largest quarterly depreciation relative to the US dollar since Canada returned to a floating exchange rate in 1970.

Declines in the production of goods (-2.4%) were widespread as domestic and foreign demand weakened. Except for agriculture, all other goods-producing sectors receded. Manufacturing (-4.3%) led the downturn, experiencing a sixth consecutive quarterly decline. Service-producing industries, down 0.4%, fell for the first time since the third quarter of 1991. The decline in service-producing industries was primarily driven by decreases in wholesale and retail trade, and in transportation services, which more than offset increases in the public sector, and in finance and insurance.

Note to readers

Percentage changes for expenditure-based and industry-based statistics (such as personal expenditures, investment, exports, imports and output) are calculated using volume measures that are adjusted for price variations. Percentage changes for income-based statistics (such as labour income, corporate profits and farm income) are calculated using nominal values, that is, not adjusted for price variations.

The Canadian economy contracted at an annualized rate of 3.4% in the fourth quarter, compared with a 6.2% decline in the US economy. The European Union registered a decline of 5.9% in the quarter, while Japan's economy was down 12.7%.

Chart 2

right click the chart to save it.

Table 1

Real gross domestic product, chained (2002) dollars1
  Change Annualized change Year-over-year change
  %
First quarter 2008 -0.2 -0.9 1.5
Second quarter 2008 0.1 0.6 0.7
Third quarter 2008 0.2 0.9 0.3
Fourth quarter 2008 -0.8 -3.4 -0.7
2008 0.5 ... 0.5
not applicable
The change is the growth rate from one period to the next. The annualized change is the growth rate compounded annually. The year-over-year change is the growth rate of a given quarter compared with the same quarter in a previous year.

Exports continue to fall

Exports of goods and services were down 4.7% in the fourth quarter. This was the sixth consecutive quarterly decline; a first in Canada since quarterly estimates began over 60 years ago.

Automotive products were down 19%, accounting for nearly half of the quarterly decline in total exports. Industrial goods and materials also decreased significantly in the fourth quarter.

Imports decline sharply

Imports dropped sharply in the fourth quarter (-6.4%). Declines were registered for both goods and services imports, as domestic demand faltered and prices for imported goods and services rose.

Imports of automotive products declined 16% while other consumer goods were down 9.0%, reflecting a downturn in consumer spending.

Personal spending declines

After decelerating since the start of the year, personal spending fell for the first time since the fourth quarter of 1995. Both goods and services contributed to the 0.8% decline.

Expenditures on new and used motor vehicles dropped 5.5% in the fourth quarter, following declines in the second and third quarter.

After 15 quarterly advances, spending on furniture, furnishings and household equipment and maintenance fell 2.3% in the fourth quarter.

Chart 3

right click the chart to save it.

Spending on services was down 0.4%. Financial services declined as stock and bond commissions and fees related to mutual funds dropped significantly.

Investment in residential structures retreats

Investment in residential structures (-6.1%) fell again in the fourth quarter, posting its largest quarterly decline of 2008. Resale activity, as reflected in ownership transfer costs, dropped 24% in the quarter. Renovation activity fell 4.2%, after small declines in the previous two quarters. The volume of new housing construction also slipped, after remaining flat in the third quarter.

Business investment in plant and equipment down

Business investment in machinery and equipment contracted 7.5% in the fourth quarter. All categories recorded declines, notably automobiles, trucks, and industrial machinery. Investment in non-residential structures was unchanged in the fourth quarter, following three quarterly increases.

Inventories build up again

Inventories accumulated again in the fourth quarter for both farm and non-farm businesses.

For non-farm businesses, the increase in stocks was at a slower rate than in the previous seven quarters. Retail inventories, particularly of motor vehicles, increased as consumer spending softened. Wholesalers drew down their durable goods inventories in the fourth quarter, while manufacturers of non-durable goods increased their stocks.

Corporate profits down sharply

Corporate profits declined 20% in the fourth quarter, after trending upward for nearly seven years. A sharp downturn in energy and metal prices was a major factor in the fourth quarter decline.

Personal income increases

Personal disposable income continued to advance (+0.4%), as increases in labour income and government transfers to persons more than offset declines in investment income. Labour income advanced 0.7%, growing at a similar rate as the third quarter. Employment was virtually unchanged in the fourth quarter, while average weekly earnings were up and hours worked were down slightly.

The downturn in spending (in nominal terms) combined with increased disposable income led to $45 billion of personal saving in the fourth quarter; $15 billion higher than in the third quarter. This level of personal saving was the highest since the fourth quarter of 1995, and led to a saving rate of 4.7%, the highest rate recorded since the first quarter of 2002.

Export prices drop as import prices climb

The price of goods and services produced in Canada dropped 2.7% in the fourth quarter, largely due to declines in energy and metal prices. Export prices were particularly hard hit, falling 4.1%. Declining prices were a major contributing factor to the 3.5% fall in nominal GDP.

Import prices increased significantly throughout 2008. The 5.5% increase in the fourth quarter reflected the depreciation of the Canadian dollar.

GDP by industry, December 2008

Real GDP dropped 1.0% in December, as almost all major sectors reduced production. This follows a 0.7% decline in November. The output of manufacturing, retail trade, construction and wholesale trade were the main sources behind the December drop. Reduced activity was also recorded in transportation, mining excluding oil and gas extraction, accommodation and food services, and forestry. The public sector (health, education and public administration combined) advanced while the finance and insurance sector was unchanged.

Chart 4

right click the chart to save it.

Activity in the manufacturing sector (-3.0%) fell again in December, with 16 of the 21 major groups losing ground, mirroring recent declines in exports. Motor vehicle and associated parts production, and the manufacturing of primary metal, chemical and wood products, continued to retreat.

Value added in retail trade dropped 3.5% in December, the largest monthly decrease in over a decade. The decline was widespread, with all major trade groups decreasing. The reduction in the volume of activities posted by new and used car dealers, home centres and hardware stores, and beer, wine and liquor stores, led the retreat. The volume of wholesaling activity (-2.4%) decreased in December for a third month in a row.

Construction activity was down 2.3% in December. For the second month in a row, all three components (residential buildings, non-residential buildings, and engineering and repairs work) retreated. The home resale market declined further in December. As a result, the output of real estate agents and brokers dropped 4.2% after much stronger declines in the previous two months.

The output of the energy sector decreased 0.6% in December. A significant drop in support activities for mining and oil and gas extraction led the retreat, although oil and gas extraction was up slightly. Electricity generation also contracted. The output of the mining sector excluding oil and gas extraction dropped 7.4% in December.

Products, services and contact information

Detailed analysis and tables

The National economic accounts module, accessible from the home page of our website, features an up-to-date portrait of national and provincial economies and their structure.

More detailed analysis on today's releases from the national accounts, including additional charts and tables, can be found in the fourth quarter 2008 issue of Canadian Economic Accounts Quarterly Review, Vol. 7, no. 4 (13-010-XWE, free) from the Publications module of our website.

Gross domestic product by industry

Available on CANSIM: table 379-0027.

Definitions, data sources and methods: survey numbers, including related surveys, 1301.

The December 2008 issue of Gross Domestic Product by Industry, Vol. 22, no. 12 (15-001-XWE, free), is now available from the Publications module of our website.

For more information, or to order data, contact Media Relations (613-951-4636; mediahotline@statcan.gc.ca), Communications and Library Services Division. To enquire about the concepts, methods or data quality of this release, contact Craig Kavanagh (613-951-6493), Industry Accounts Division.

National economic and financial accounts

Available on CANSIM: tables 380-0001 to 380-0017, 380-0019 to 380-0035, 380-0056, 380-0059, 380-0060 to 380-0062 and 382-0006.

Definitions, data sources and methods: survey numbers, including related surveys, 1804, 1901 and 2602.

Detailed printed tables of unadjusted and seasonally adjusted quarterly National Income and Expenditure Accounts (13-001-PPB, $54/$193) and Estimates of Labour Income (13F0016XPB, $22/$70), including supplementary analytical tables and charts are now available. To purchase any of these products, contact Client Services (613-951-3810; iead-info-dcrd@statcan.gc.ca), Income and Expenditure Accounts Division.

The complete seasonally adjusted quarterly National Income and Expenditure Accounts: Data Tables, Vol. 1, no. 4 (13-019-XWE, free), and monthly Estimates of Labour Income: Data Tables, Vol. 1, no. 4 (13-021-XWE, free), are also now available from the Publications module of our website.

For more information, or to enquire about the concepts, methods or data quality of this release, consult the Guide to the Income and Expenditure Accounts (13-017-XWE, free) or contact Media Relations (613-951-4636; mediahotline@statcan.gc.ca), Communications and Library Services Division.

Table 2

Canadian economic accounts key indicators1
  Third quarter 2007 Fourth quarter 2007 First quarter 2008 Second quarter 2008 Third quarter 2008 Fourth quarter 2008 2007 2008
  Seasonally adjusted at annual rates
  millions of dollars at current prices
Gross Domestic Product (GDP) by income and by expenditure                
Wages, salaries and supplementary labour income 789,224 802,852 815,352 824,580 831,340 836,844 788,357 827,029
  0.4 1.7 1.6 1.1 0.8 0.7 6.1 4.9
Corporation profits before taxes 204,784 204,828 209,148 228,096 237,684 189,808 203,231 216,184
  1.0 0.0 2.1 9.1 4.2 -20.1 3.3 6.4
Interest and miscellaneous investment income 72,492 72,756 76,620 85,172 84,032 72,948 71,515 79,693
  0.6 0.4 5.3 11.2 -1.3 -13.2 7.7 11.4
Net income of unincorporated business 90,716 91,860 94,548 97,036 99,312 99,248 90,473 97,536
  0.5 1.3 2.9 2.6 2.3 -0.1 4.7 7.8
Taxes less subsidies 168,500 170,568 165,844 167,964 168,048 164,400 167,349 166,564
  0.9 1.2 -2.8 1.3 0.1 -2.2 4.0 -0.5
Personal disposable income 902,088 915,164 940,132 950,596 957,728 961,232 898,388 952,422
  1.3 1.4 2.7 1.1 0.8 0.4 5.7 6.0
Personal saving rate2 2.5 1.9 3.5 3.5 3.2 4.7 2.7 3.7
  ... ... ... ... ... ... ... ...
  millions of chained (2002) dollars
Personal expenditure on consumer goods and services 791,358 805,760 810,639 813,473 814,710 807,936 788,224 811,690
  1.0 1.8 0.6 0.3 0.2 -0.8 4.5 3.0
Government current expenditure on goods and services 259,691 263,357 264,332 266,859 266,735 268,596 257,961 266,631
  1.7 1.4 0.4 1.0 -0.0 0.7 3.7 3.4
Gross fixed capital formation 315,381 318,319 318,752 317,968 318,784 306,380 313,075 315,471
  1.4 0.9 0.1 -0.2 0.3 -3.9 3.9 0.8
Investment in inventories 20,579 20,580 7,104 12,018 12,529 9,480 13,195 10,283
  ... ... ... ... ... ... ... ...
Exports of goods and services 510,840 501,112 495,216 491,159 486,984 464,123 508,362 484,371
  -0.3 -1.9 -1.2 -0.8 -0.9 -4.7 1.0 -4.7
Imports of goods and services 581,348 593,526 581,907 587,044 581,591 544,355 569,420 573,724
  4.8 2.1 -2.0 0.9 -0.9 -6.4 5.5 0.8
Gross domestic product at market prices 1,325,934 1,328,606 1,325,715 1,327,572 1,330,435 1,319,149 1,319,681 1,325,718
  0.6 0.2 -0.2 0.1 0.2 -0.8 2.7 0.5
  millions of chained (2002) dollars
GDP at basic prices by industry                
Goods producing industries 375,367 371,248 366,783 365,162 365,849 357,250 374,126 363,761
  -0.1 -1.1 -1.2 -0.4 0.2 -2.4 0.5 -2.8
Industrial production 275,911 271,769 266,863 264,922 265,160 257,616 274,908 263,640
  -0.4 -1.5 -1.8 -0.7 0.1 -2.8 0.2 -4.1
Energy sector 86,098 84,855 83,925 82,567 83,095 82,521 85,827 83,027
  -0.8 -1.4 -1.1 -1.6 0.6 -0.7 1.0 -3.3
Manufacturing 185,606 182,957 178,585 178,230 176,974 169,386 185,311 175,794
  -0.5 -1.4 -2.4 -0.2 -0.7 -4.3 -0.9 -5.1
Non-durable manufacturing 72,901 71,623 70,688 70,653 70,153 68,166 72,507 69,915
  -0.2 -1.8 -1.3 -0.0 -0.7 -2.8 -1.8 -3.6
Durable manufacturing 113,026 111,673 108,159 107,828 107,071 101,368 113,149 106,106
  -0.8 -1.2 -3.1 -0.3 -0.7 -5.3 -0.3 -6.2
Construction 73,251 73,467 74,190 74,551 75,201 74,334 72,890 74,569
  1.0 0.3 1.0 0.5 0.9 -1.2 2.9 2.3
Services producing industries 851,136 857,799 861,195 865,193 867,627 863,908 846,591 864,481
  1.0 0.8 0.4 0.5 0.3 -0.4 3.5 2.1
Wholesale trade 70,906 72,063 71,458 71,534 71,119 67,252 70,256 70,341
  1.8 1.6 -0.8 0.1 -0.6 -5.4 5.5 0.1
Retail trade 72,649 73,734 74,486 74,983 75,146 73,926 72,391 74,635
  0.4 1.5 1.0 0.7 0.2 -1.6 5.8 3.1
Transportation and warehousing 56,997 56,863 56,829 57,052 56,907 56,000 56,624 56,697
  0.9 -0.2 -0.1 0.4 -0.3 -1.6 1.7 0.1
Finance, insurance, real estate and renting 242,260 243,946 245,707 246,668 247,830 248,065 240,536 247,068
  1.3 0.7 0.7 0.4 0.5 0.1 4.0 2.7
Information and communication technologies 57,652 58,065 58,305 58,756 58,968 58,806 57,199 58,709
  1.2 0.7 0.4 0.8 0.4 -0.3 4.0 2.6
not applicable
The first line is the series itself expressed in millions of dollars, seasonally adjusted at annual rates. The second line is the quarter-to-quarter percentage change at quarterly rates.
Actual rate.

Table 3

Gross domestic product, implicit chain price indexes
  Third quarter 2007 Fourth quarter 2007 First quarter 2008 Second quarter 2008 Third quarter 2008 Fourth quarter 2008
  Using seasonally adjusted data (2002=100)
  quarterly percentage change
Personal expenditure on consumer goods and services 0.1 0.3 0.4 0.8 0.9 -0.5
Business gross fixed capital formation -0.3 -0.3 0.8 1.3 1.5 3.1
Exports of goods and services -2.8 -0.5 6.1 7.6 3.1 -4.1
Imports of goods and services -2.7 -3.4 3.6 3.9 4.7 5.5
Gross domestic product at market prices -0.3 0.9 1.4 2.4 0.7 -2.7
Final domestic demand -0.4 0.3 0.6 1.0 1.1 0.5

Table 4

Monthly gross domestic product by industry at basic prices, chained (2002) dollars
  July 2008r August 2008r September 2008r October 2008r November 2008r December 2008p
  Seasonally adjusted
  month-to-month % change
All industries 0.6 -0.5 -0.0 -0.1 -0.7 -1.0
Goods-producing industries 1.3 -1.3 -0.4 -0.0 -1.4 -2.0
Service-producing industries 0.3 -0.2 0.2 -0.1 -0.3 -0.5
Industrial production 1.6 -1.8 -0.5 -0.2 -1.6 -2.0
Manufacturing 0.8 -2.0 -0.2 -1.1 -2.3 -3.0
Wholesale trade 1.6 -3.0 0.3 -2.3 -2.4 -2.4
Retail trade 0.0 -0.1 0.4 -0.2 -0.8 -3.5
revised
preliminary
The Daily, Monday, March 2, 2009. Canadian economic accounts TR/xhtml1/DTD/xhtml1-strict.dtd"> The Daily, Monday, March 2, 2009. Canadian economic accounts
Statistics Canada
Symbol of the Government of Canada

Canadian economic accounts

Fourth quarter 2008 and December 2008 (Previous release)

Real gross domestic product (GDP) declined 0.8% in the fourth quarter, weakening progressively each month. This was the sharpest quarterly decline since 1991. Declines in exports, capital investment and personal expenditures all contributed to the economic contraction. Final domestic demand fell 1.2%. Government current and capital expenditure rose. Real GDP declined 1.0% in December.

Chart 1

right click the chart to save it.

GDP growth for the year was positive at 0.5%, a sharp deceleration from 2.7% in 2007.

A more detailed analysis and additional data tables are available in Canadian Economic Accounts Quarterly Review.

The volume of imports fell faster than exports. Both registered their largest quarterly decline since 1982. Prices of imports climbed, notably because the Canadian dollar depreciated 14% in the quarter relative to its US counterpart. This was the largest quarterly depreciation relative to the US dollar since Canada returned to a floating exchange rate in 1970.

Declines in the production of goods (-2.4%) were widespread as domestic and foreign demand weakened. Except for agriculture, all other goods-producing sectors receded. Manufacturing (-4.3%) led the downturn, experiencing a sixth consecutive quarterly decline. Service-producing industries, down 0.4%, fell for the first time since the third quarter of 1991. The decline in service-producing industries was primarily driven by decreases in wholesale and retail trade, and in transportation services, which more than offset increases in the public sector, and in finance and insurance.

Note to readers

Percentage changes for expenditure-based and industry-based statistics (such as personal expenditures, investment, exports, imports and output) are calculated using volume measures that are adjusted for price variations. Percentage changes for income-based statistics (such as labour income, corporate profits and farm income) are calculated using nominal values, that is, not adjusted for price variations.

The Canadian economy contracted at an annualized rate of 3.4% in the fourth quarter, compared with a 6.2% decline in the US economy. The European Union registered a decline of 5.9% in the quarter, while Japan's economy was down 12.7%.

Chart 2

right click the chart to save it.

Table 1

Real gross domestic product, chained (2002) dollars1
  Change Annualized change Year-over-year change
  %
First quarter 2008 -0.2 -0.9 1.5
Second quarter 2008 0.1 0.6 0.7
Third quarter 2008 0.2 0.9 0.3
Fourth quarter 2008 -0.8 -3.4 -0.7
2008 0.5 ... 0.5
not applicable
The change is the growth rate from one period to the next. The annualized change is the growth rate compounded annually. The year-over-year change is the growth rate of a given quarter compared with the same quarter in a previous year.

Exports continue to fall

Exports of goods and services were down 4.7% in the fourth quarter. This was the sixth consecutive quarterly decline; a first in Canada since quarterly estimates began over 60 years ago.

Automotive products were down 19%, accounting for nearly half of the quarterly decline in total exports. Industrial goods and materials also decreased significantly in the fourth quarter.

Imports decline sharply

Imports dropped sharply in the fourth quarter (-6.4%). Declines were registered for both goods and services imports, as domestic demand faltered and prices for imported goods and services rose.

Imports of automotive products declined 16% while other consumer goods were down 9.0%, reflecting a downturn in consumer spending.

Personal spending declines

After decelerating since the start of the year, personal spending fell for the first time since the fourth quarter of 1995. Both goods and services contributed to the 0.8% decline.

Expenditures on new and used motor vehicles dropped 5.5% in the fourth quarter, following declines in the second and third quarter.

After 15 quarterly advances, spending on furniture, furnishings and household equipment and maintenance fell 2.3% in the fourth quarter.

Chart 3

right click the chart to save it.

Spending on services was down 0.4%. Financial services declined as stock and bond commissions and fees related to mutual funds dropped significantly.

Investment in residential structures retreats

Investment in residential structures (-6.1%) fell again in the fourth quarter, posting its largest quarterly decline of 2008. Resale activity, as reflected in ownership transfer costs, dropped 24% in the quarter. Renovation activity fell 4.2%, after small declines in the previous two quarters. The volume of new housing construction also slipped, after remaining flat in the third quarter.

Business investment in plant and equipment down

Business investment in machinery and equipment contracted 7.5% in the fourth quarter. All categories recorded declines, notably automobiles, trucks, and industrial machinery. Investment in non-residential structures was unchanged in the fourth quarter, following three quarterly increases.

Inventories build up again

Inventories accumulated again in the fourth quarter for both farm and non-farm businesses.

For non-farm businesses, the increase in stocks was at a slower rate than in the previous seven quarters. Retail inventories, particularly of motor vehicles, increased as consumer spending softened. Wholesalers drew down their durable goods inventories in the fourth quarter, while manufacturers of non-durable goods increased their stocks.

Corporate profits down sharply

Corporate profits declined 20% in the fourth quarter, after trending upward for nearly seven years. A sharp downturn in energy and metal prices was a major factor in the fourth quarter decline.

Personal income increases

Personal disposable income continued to advance (+0.4%), as increases in labour income and government transfers to persons more than offset declines in investment income. Labour income advanced 0.7%, growing at a similar rate as the third quarter. Employment was virtually unchanged in the fourth quarter, while average weekly earnings were up and hours worked were down slightly.

The downturn in spending (in nominal terms) combined with increased disposable income led to $45 billion of personal saving in the fourth quarter; $15 billion higher than in the third quarter. This level of personal saving was the highest since the fourth quarter of 1995, and led to a saving rate of 4.7%, the highest rate recorded since the first quarter of 2002.

Export prices drop as import prices climb

The price of goods and services produced in Canada dropped 2.7% in the fourth quarter, largely due to declines in energy and metal prices. Export prices were particularly hard hit, falling 4.1%. Declining prices were a major contributing factor to the 3.5% fall in nominal GDP.

Import prices increased significantly throughout 2008. The 5.5% increase in the fourth quarter reflected the depreciation of the Canadian dollar.

GDP by industry, December 2008

Real GDP dropped 1.0% in December, as almost all major sectors reduced production. This follows a 0.7% decline in November. The output of manufacturing, retail trade, construction and wholesale trade were the main sources behind the December drop. Reduced activity was also recorded in transportation, mining excluding oil and gas extraction, accommodation and food services, and forestry. The public sector (health, education and public administration combined) advanced while the finance and insurance sector was unchanged.

Chart 4

right click the chart to save it.

Activity in the manufacturing sector (-3.0%) fell again in December, with 16 of the 21 major groups losing ground, mirroring recent declines in exports. Motor vehicle and associated parts production, and the manufacturing of primary metal, chemical and wood products, continued to retreat.

Value added in retail trade dropped 3.5% in December, the largest monthly decrease in over a decade. The decline was widespread, with all major trade groups decreasing. The reduction in the volume of activities posted by new and used car dealers, home centres and hardware stores, and beer, wine and liquor stores, led the retreat. The volume of wholesaling activity (-2.4%) decreased in December for a third month in a row.

Construction activity was down 2.3% in December. For the second month in a row, all three components (residential buildings, non-residential buildings, and engineering and repairs work) retreated. The home resale market declined further in December. As a result, the output of real estate agents and brokers dropped 4.2% after much stronger declines in the previous two months.

The output of the energy sector decreased 0.6% in December. A significant drop in support activities for mining and oil and gas extraction led the retreat, although oil and gas extraction was up slightly. Electricity generation also contracted. The output of the mining sector excluding oil and gas extraction dropped 7.4% in December.

Products, services and contact information

Detailed analysis and tables

The National economic accounts module, accessible from the home page of our website, features an up-to-date portrait of national and provincial economies and their structure.

More detailed analysis on today's releases from the national accounts, including additional charts and tables, can be found in the fourth quarter 2008 issue of Canadian Economic Accounts Quarterly Review, Vol. 7, no. 4 (13-010-XWE, free) from the Publications module of our website.

Gross domestic product by industry

Available on CANSIM: table 379-0027.

Definitions, data sources and methods: survey numbers, including related surveys, 1301.

The December 2008 issue of Gross Domestic Product by Industry, Vol. 22, no. 12 (15-001-XWE, free), is now available from the Publications module of our website.

For more information, or to order data, contact Media Relations (613-951-4636; mediahotline@statcan.gc.ca), Communications and Library Services Division. To enquire about the concepts, methods or data quality of this release, contact Craig Kavanagh (613-951-6493), Industry Accounts Division.

National economic and financial accounts

Available on CANSIM: tables 380-0001 to 380-0017, 380-0019 to 380-0035, 380-0056, 380-0059, 380-0060 to 380-0062 and 382-0006.

Definitions, data sources and methods: survey numbers, including related surveys, 1804, 1901 and 2602.

Detailed printed tables of unadjusted and seasonally adjusted quarterly National Income and Expenditure Accounts (13-001-PPB, $54/$193) and Estimates of Labour Income (13F0016XPB, $22/$70), including supplementary analytical tables and charts are now available. To purchase any of these products, contact Client Services (613-951-3810; iead-info-dcrd@statcan.gc.ca), Income and Expenditure Accounts Division.

The complete seasonally adjusted quarterly National Income and Expenditure Accounts: Data Tables, Vol. 1, no. 4 (13-019-XWE, free), and monthly Estimates of Labour Income: Data Tables, Vol. 1, no. 4 (13-021-XWE, free), are also now available from the Publications module of our website.

For more information, or to enquire about the concepts, methods or data quality of this release, consult the Guide to the Income and Expenditure Accounts (13-017-XWE, free) or contact Media Relations (613-951-4636; mediahotline@statcan.gc.ca), Communications and Library Services Division.

Table 2

Canadian economic accounts key indicators1
  Third quarter 2007 Fourth quarter 2007 First quarter 2008 Second quarter 2008 Third quarter 2008 Fourth quarter 2008 2007 2008
  Seasonally adjusted at annual rates
  millions of dollars at current prices
Gross Domestic Product (GDP) by income and by expenditure                
Wages, salaries and supplementary labour income 789,224 802,852 815,352 824,580 831,340 836,844 788,357 827,029
  0.4 1.7 1.6 1.1 0.8 0.7 6.1 4.9
Corporation profits before taxes 204,784 204,828 209,148 228,096 237,684 189,808 203,231 216,184
  1.0 0.0 2.1 9.1 4.2 -20.1 3.3 6.4
Interest and miscellaneous investment income 72,492 72,756 76,620 85,172 84,032 72,948 71,515 79,693
  0.6 0.4 5.3 11.2 -1.3 -13.2 7.7 11.4
Net income of unincorporated business 90,716 91,860 94,548 97,036 99,312 99,248 90,473 97,536
  0.5 1.3 2.9 2.6 2.3 -0.1 4.7 7.8
Taxes less subsidies 168,500 170,568 165,844 167,964 168,048 164,400 167,349 166,564
  0.9 1.2 -2.8 1.3 0.1 -2.2 4.0 -0.5
Personal disposable income 902,088 915,164 940,132 950,596 957,728 961,232 898,388 952,422
  1.3 1.4 2.7 1.1 0.8 0.4 5.7 6.0
Personal saving rate2 2.5 1.9 3.5 3.5 3.2 4.7 2.7 3.7
  ... ... ... ... ... ... ... ...
  millions of chained (2002) dollars
Personal expenditure on consumer goods and services 791,358 805,760 810,639 813,473 814,710 807,936 788,224 811,690
  1.0 1.8 0.6 0.3 0.2 -0.8 4.5 3.0
Government current expenditure on goods and services 259,691 263,357 264,332 266,859 266,735 268,596 257,961 266,631
  1.7 1.4 0.4 1.0 -0.0 0.7 3.7 3.4
Gross fixed capital formation 315,381 318,319 318,752 317,968 318,784 306,380 313,075 315,471
  1.4 0.9 0.1 -0.2 0.3 -3.9 3.9 0.8
Investment in inventories 20,579 20,580 7,104 12,018 12,529 9,480 13,195 10,283
  ... ... ... ... ... ... ... ...
Exports of goods and services 510,840 501,112 495,216 491,159 486,984 464,123 508,362 484,371
  -0.3 -1.9 -1.2 -0.8 -0.9 -4.7 1.0 -4.7
Imports of goods and services 581,348 593,526 581,907 587,044 581,591 544,355 569,420 573,724
  4.8 2.1 -2.0 0.9 -0.9 -6.4 5.5 0.8
Gross domestic product at market prices 1,325,934 1,328,606 1,325,715 1,327,572 1,330,435 1,319,149 1,319,681 1,325,718
  0.6 0.2 -0.2 0.1 0.2 -0.8 2.7 0.5
  millions of chained (2002) dollars
GDP at basic prices by industry                
Goods producing industries 375,367 371,248 366,783 365,162 365,849 357,250 374,126 363,761
  -0.1 -1.1 -1.2 -0.4 0.2 -2.4 0.5 -2.8
Industrial production 275,911 271,769 266,863 264,922 265,160 257,616 274,908 263,640
  -0.4 -1.5 -1.8 -0.7 0.1 -2.8 0.2 -4.1
Energy sector 86,098 84,855 83,925 82,567 83,095 82,521 85,827 83,027
  -0.8 -1.4 -1.1 -1.6 0.6 -0.7 1.0 -3.3
Manufacturing 185,606 182,957 178,585 178,230 176,974 169,386 185,311 175,794
  -0.5 -1.4 -2.4 -0.2 -0.7 -4.3 -0.9 -5.1
Non-durable manufacturing 72,901 71,623 70,688 70,653 70,153 68,166 72,507 69,915
  -0.2 -1.8 -1.3 -0.0 -0.7 -2.8 -1.8 -3.6
Durable manufacturing 113,026 111,673 108,159 107,828 107,071 101,368 113,149 106,106
  -0.8 -1.2 -3.1 -0.3 -0.7 -5.3 -0.3 -6.2
Construction 73,251 73,467 74,190 74,551 75,201 74,334 72,890 74,569
  1.0 0.3 1.0 0.5 0.9 -1.2 2.9 2.3
Services producing industries 851,136 857,799 861,195 865,193 867,627 863,908 846,591 864,481
  1.0 0.8 0.4 0.5 0.3 -0.4 3.5 2.1
Wholesale trade 70,906 72,063 71,458 71,534 71,119 67,252 70,256 70,341
  1.8 1.6 -0.8 0.1 -0.6 -5.4 5.5 0.1
Retail trade 72,649 73,734 74,486 74,983 75,146 73,926 72,391 74,635
  0.4 1.5 1.0 0.7 0.2 -1.6 5.8 3.1
Transportation and warehousing 56,997 56,863 56,829 57,052 56,907 56,000 56,624 56,697
  0.9 -0.2 -0.1 0.4 -0.3 -1.6 1.7 0.1
Finance, insurance, real estate and renting 242,260 243,946 245,707 246,668 247,830 248,065 240,536 247,068
  1.3 0.7 0.7 0.4 0.5 0.1 4.0 2.7
Information and communication technologies 57,652 58,065 58,305 58,756 58,968 58,806 57,199 58,709
  1.2 0.7 0.4 0.8 0.4 -0.3 4.0 2.6
not applicable
The first line is the series itself expressed in millions of dollars, seasonally adjusted at annual rates. The second line is the quarter-to-quarter percentage change at quarterly rates.
Actual rate.

Table 3

Gross domestic product, implicit chain price indexes
  Third quarter 2007 Fourth quarter 2007 First quarter 2008 Second quarter 2008 Third quarter 2008 Fourth quarter 2008
  Using seasonally adjusted data (2002=100)
  quarterly percentage change
Personal expenditure on consumer goods and services 0.1 0.3 0.4 0.8 0.9 -0.5
Business gross fixed capital formation -0.3 -0.3 0.8 1.3 1.5 3.1
Exports of goods and services -2.8 -0.5 6.1 7.6 3.1 -4.1
Imports of goods and services -2.7 -3.4 3.6 3.9 4.7 5.5
Gross domestic product at market prices -0.3 0.9 1.4 2.4 0.7 -2.7
Final domestic demand -0.4 0.3 0.6 1.0 1.1 0.5

Table 4

Monthly gross domestic product by industry at basic prices, chained (2002) dollars
  July 2008r August 2008r September 2008r October 2008r November 2008r December 2008p
  Seasonally adjusted
  month-to-month % change
All industries 0.6 -0.5 -0.0 -0.1 -0.7 -1.0
Goods-producing industries 1.3 -1.3 -0.4 -0.0 -1.4 -2.0
Service-producing industries 0.3 -0.2 0.2 -0.1 -0.3 -0.5
Industrial production 1.6 -1.8 -0.5 -0.2 -1.6 -2.0
Manufacturing 0.8 -2.0 -0.2 -1.1 -2.3 -3.0
Wholesale trade 1.6 -3.0 0.3 -2.3 -2.4 -2.4
Retail trade 0.0 -0.1 0.4 -0.2 -0.8 -3.5
revised
preliminary