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Second quarter 2010 and June 2010 (Previous release)

Real gross domestic product (GDP) grew by 0.5% in the second quarter, after increasing by 1.4% in the first quarter. Final domestic demand advanced 0.9%, led by business investment in machinery and equipment. Real GDP increased by 0.2% in June.

Final domestic demand outpaces gross domestic product

Consumer expenditures on goods and services, as well as business investment on residential structures, grew at a slower rate than in the first quarter.

Export and import volumes both rose, with growth in imports outpacing growth in exports for a second consecutive quarter.

Expressed at an annualized rate, real GDP grew 2.0% in the second quarter, after expanding by 5.8% in the first quarter. This compared with a 1.6% second quarter rate of increase in the US economy.

The output of the goods-producing industries rose 1.9%, while that of the services industries edged up 0.1%. This marks the third consecutive quarter in which the output of the goods-producing industries has significantly outpaced that of the services industries.

Note to readers

Additional data tables are available in the Canadian Economic Accounts Quarterly Review.

Percentage changes for expenditure-based and industry-based statistics (such as personal expenditures, investment, exports, imports, and output) are calculated from volume measures that are adjusted for price variations. Percentage changes for income-based and flow-of-funds statistics (such as labour income, corporate profits, mortgage borrowing, and total funds raised) are calculated from nominal values; that is, they are not adjusted for price variations.

There are four ways of expressing growth rates for gross domestic product (GDP) and other time series found in this release.

Unless otherwise stated, the growth rates of all quarterly data in this article represent the percentage change in the series from one quarter to the next, such as from the first quarter to the second quarter of 2010.

The quarterly growth can be expressed at an annual rate by using a compound growth formula, similar to the way in which a monthly interest rate can be expressed at an annual rate. Expressing growth at an annual rate facilitates comparisons to official GDP statistics from the United States. Both the quarterly growth rate and the annualized quarterly growth rate should be interpreted as an indication of the latest trend in GDP.

The year-over-year growth rate is the percentage change in GDP from a given quarter in one year to the same quarter one year later, such as from the second quarter of 2009 to the second quarter of 2010.

The growth rates of all monthly data in this article represent the percentage change in the series from one month to the next, such as from May to June 2010.

The second-quarter increase in GDP was led by mining, notably oil and gas extraction. Manufacturing also contributed to this gain as did the banking sector and the public sector (health, education, and public administration). Declines in the home resale market and in retail and wholesale trade contributed to the slower growth.

Contributions to percent change in real gross domestic product (GDP), second quarter 2010

Table 1

Real gross domestic product1
  Change Annualized change Year-over-year change
  %
First quarter 2009 -1.8 -7.0 -2.5
Second quarter 2009 -0.7 -2.8 -3.2
Third quarter 2009 0.2 0.9 -3.1
Fourth quarter 2009 1.2 4.9 -1.1
First quarter 2010 1.4 5.8 2.2
Second quarter 2010 0.5 2.0 3.4
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.

Consumer spending advances at a slower pace

Consumer spending on goods and services advanced 0.7% in the second quarter, slowing from the 1.0% gain recorded in the first quarter. Spending on both durable and semi-durable goods declined.

Expenditures on new and used motor vehicles fell 2.9%. Households spent less on electricity and natural gas for a second consecutive quarter.

Spending on furniture, furnishings, and household equipment and maintenance edged up 0.1%. Consumers had increased their expenditures on this category of goods and services by at least 1.0% in each of the three previous quarters.

Spending on services rose 1.2%, after advancing 0.7% in the first quarter. Growth in spending by Canadians travelling abroad, together with purchased transportation, contributed significantly to the increase in consumer spending on services.

Housing investment growth slows

Housing investment grew 0.3% in the second quarter, the slowest quarterly rate of increase since the first quarter of 2009. Renovation activity was down 0.8%, following four consecutive quarters of growth. Expenditure on ownership transfer costs related to housing resale activity declined for a second consecutive quarter, after recording large gains through most of 2009.

Investment in new housing construction (+6.9%) continued to advance, the third consecutive quarterly gain of over 6.0%.

Growth in personal expenditures and housing slows

Investment in plant and equipment picks up

Business investment in plant and equipment expanded 3.5%, the largest quarterly gain since 2005. The advance was due mainly to a 6.7% increase in spending on machinery and equipment. Investment in computers and other office equipment (+19.3%) and in industrial machinery (+12.6%) led the second-quarter gain.

Exports grow less than imports

Exports of goods and services grew 1.5%, the fourth consecutive quarterly gain. Increases in exports of automotive products (+12.8%) and exports of machinery and equipment (+6.2%) were the main contributors to growth in goods exports. Exports of services, notably commercial services, also continued to advance.

Imports of goods and services were up 3.9%, also the fourth consecutive quarterly increase. Machinery and equipment (+8.7%) and industrial goods and materials (+4.9%) contributed the most to the increase in imported goods, while travel services (+6.8%) led the growth in imported services.

Inventories rise again

Businesses accumulated $13 billion in inventories in the second quarter, following an accumulation of $6 billion in the first quarter. This was in contrast to the reduction of inventories recorded in each quarter of 2009.

Manufacturers' inventories increased for the first time since the fourth quarter of 2008. Inventories in both retail and wholesale trade also rose.

Agricultural inventories fell for a second consecutive quarter as exports of grains and cattle remained strong.

The economy-wide ratio of stock to sales remained unchanged from the previous quarter. Businesses held inventories equivalent to 65 days of sales.

Prices rise

The price of goods and services produced in Canada rose 0.2% in the second quarter. Price increases for coal and iron ore were largely offset by price declines for crude petroleum and motor fuels and lubricants.

Overall, the price of final domestic demand was up 0.1%. The price of government current expenditure on goods and services increased in the second quarter, as did the price of both residential and non-residential structures.

The price of consumer goods and services declined 0.1%. This was the first decline in the price of consumer goods and services since the fourth quarter of 2008. A decrease in the price of motor fuels and lubricants was a major contributor to the second quarter decline.

Purchasing power increases

Canada's real gross domestic income, a measure of purchasing power, grew 0.5% in the second quarter, the fourth consecutive quarter of growth. This gain mirrors the change in GDP, as Canada's terms of trade (a measure of export prices relative to import prices) were very similar to those of the previous quarter.

Table 2

Real gross domestic income1
  Change Annualized change Year-over-year change
  %
First quarter 2009 -3.5 -13.1 -6.6
Second quarter 2009 -0.2 -1.0 -8.3
Third quarter 2009 1.1 4.4 -7.1
Fourth quarter 2009 2.1 8.7 -0.6
First quarter 2010 2.0 8.3 5.0
Second quarter 2010 0.5 2.2 5.9
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.

Incomes up again

Nominal GDP expanded 0.7% as a 1.2% gain in labour income was partly offset by a 1.0% decline in corporate profits. Wages and salaries increased 1.4% in the goods-producing industries and 1.2% in the services industries.

Corporate profits fell in the second quarter, following quarterly gains of over 8.0% in each of the previous three quarters. Both financial and non-financial companies recorded lower earnings in the quarter. Government business enterprise profits were up 1.4%, following an 11% increase in the first quarter.

Personal income increased 1.2%. Personal income tax paid declined 12% due, in part, to increased refunds for the 2009 tax year received in the second quarter.

The combination of higher income and lower personal income tax paid contributed to a 3.6% increase in personal disposable income. The personal saving rate rose to 5.9% in the second quarter.

The national saving rate was unchanged at 5.5%. Saving increased in the household and corporate sectors, while saving in the government sector declined. The decline in government sector saving was due mainly to lower income tax revenues.

Financial flows: Financing activity increases

Total funds raised by domestic non-financial sectors reached $273 billion in the second quarter, up from $222 billion in the first quarter.

The increase in financing was concentrated in the government sector. Borrowing by all levels of government increased in the second quarter. This was led by bond issuances by federal and provincial governments.

Funds raised by non-financial private corporations advanced to $64 billion. Borrowing through loans increased by $21 billion, the first increase in loans since the fourth quarter of 2008, while bond issuances declined.

Household borrowing eased from $102 billion in the first quarter to $91 billion in the second quarter, in contrast to the upward trend in borrowing seen in previous quarters. Lower consumer credit and mortgage borrowing accounted for most of the decline in the second quarter.

The non-resident sector continued to be a net lender to the domestic economy in the second quarter. This lending reflects Canada's quarterly current account deficit, which has continued since the fourth quarter of 2008. Most of these funds were provided to the Canadian economy in the form of purchases of government securities and acquisitions of corporate shares.

Gross domestic product by industry, June 2010

Real gross domestic product advanced 0.2% in June, mainly on the strength of manufacturing. Retail trade, utilities and forestry also contributed to the overall growth. Conversely, reductions in mining and oil and gas extraction, and lower activity by real estate agents and brokers, partially offset these increases. Wholesale trade remained unchanged.

Manufacturing rose 1.3% in June, continuing its upward trend that started in the third quarter of 2009. Manufacturers of durable goods increased their production by 1.9%, notably machinery, fabricated metal and computer and electronic products. Non-durable goods manufacturing advanced 0.5%, led by pharmaceutical products. In contrast, 9 of the 21 major groups declined in June, notably food products.

Retail trade grew 0.7%, led by significant increases at new car dealers as well as at furniture, home furnishings and electronics stores. Wholesale trade was unchanged in June. Increased activity by wholesalers of automotive products was offset by declines in other major groups such as petroleum products and machinery and equipment.

Real gross domestic product continues to increase in June

Mining and oil and gas extraction retreated 0.8%. Oil and gas extraction decreased 0.2% due to lower production of natural gas. Copper, nickel, lead and zinc mines also lowered their output. Production at potash mines contracted but remained at a high level. Support activities for mining and oil and gas extraction were also down.

Sales of existing homes continued to fall in several parts of the country, resulting in a 7.1% decrease in the output of real estate agents and brokers. On the other hand, construction activity was up slightly in June, with residential construction increasing 0.2%.

Forestry and logging increased 10.5% in June, in parallel with a significant increase in exports of lumber products. Conversely, the finance and insurance sector decreased 0.3%, largely as a result of the decline in the volume of transactions on the stock exchanges.

 Main industrial sectors' contribution to the percent change in gross domestic product, June 2010

Products, services and contact information

Detailed analysis and tables

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

Additional tables and links to other releases from the national accounts can be found in the second quarter 2010 issue of Canadian Economic Accounts Quarterly Review, Vol. 9, no. 2 (13-010-X, free). This publication is now available from the Key resource module of our website under Publications. This publication will be updated on September 14, at the time of the release of the labour productivity, hourly compensation and unit labour cost. Revised estimates of the Income and Expenditure Accounts for the first quarter of 2010 have been released, along with those for the second quarter of 2010. These estimates incorporate new and revised source data and updated estimates of seasonal patterns.

Gross domestic product by industry

Available on CANSIM: table 379-0027.

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

The June 2010 issue of Gross Domestic Product by Industry, Vol. 24, no. 6 (15-001-X, free), is now available from the Key resource module of our website under Publications.

Data on gross domestic product by industry for July will be released on September 30.

For more information, or to order data, contact the dissemination agent (toll-free 1-800-887-4623; 613-951-4623; iad-info-dci@statcan.gc.ca). To enquire about the concepts, methods or data quality of this release, contact Bernard Lefrançois (613-951-3622), Industry Accounts Division.

Income and expenditure accounts

Available on CANSIM: tables 026-0009, 380-0001 to 380-0017, 380-0019 to 380-0035, 380-0056, 380-0059 to 380-0062 and 382-0006.

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

The second quarter 2010 issues of National Income and Expenditure Accounts: Data Tables, Vol. 3, no. 2 (13-019-X, free), and Estimates of Labour Income: Data Tables, Vol. 3, no. 2 (13-021-X, free), are also now available from the Key resource module of of our website under Publications.

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-X, free) or contact the information officer (613-951-3640, iead-info-dcrd@statcan.gc.ca), Income and Expenditure Accounts Division.

Financial flow accounts

Available on CANSIM: tables 378-0015 to 378-0048.

Definitions, data sources and methods: survey number 1804.

The second quarter 2010 issue of Financial Flow Accounts: Data Tables, Vol. 3, no. 2 (13-020-X, free), is also now available from the Key resource module of our website under Publications.

For more information, or to enquire about the concepts, methods or data quality of this release, contact the information officer (613-951-3640, iead-info-dcrd@statcan.gc.ca), Income and Expenditure Accounts Division.

Table 3

Canadian economic accounts key indicators1
  First quarter 2009 Second quarter 2009 Third quarter 2009 Fourth quarter 2009 First quarter 2010 Second quarter 2010 2008 2009
  Seasonally adjusted at annual rates
  millions of dollars at current prices
Gross domestic product by income and by expenditure                
Wages, salaries and supplementary labour income 817,664 814,944 816,288 827,368 837,896 847,792 818,613 819,066
  -0.8 -0.3 0.2 1.4 1.3 1.2 4.3 0.1
Corporation profits before taxes 147,768 134,000 146,920 158,900 172,552 170,836 216,970 146,897
  -18.3 -9.3 9.6 8.2 8.6 -1.0 8.0 -32.3
Interest and miscellaneous investment income 63,344 61,984 63,944 66,516 68,264 67,916 83,998 63,947
  -15.1 -2.1 3.2 4.0 2.6 -0.5 17.3 -23.9
Net income of unincorporated business 96,884 98,960 100,656 103,016 103,740 105,184 94,559 99,879
  -0.4 2.1 1.7 2.3 0.7 1.4 4.6 5.6
Taxes less subsidies 160,968 163,060 164,296 166,212 169,452 170,080 165,934 163,634
  -1.7 1.3 0.8 1.2 1.9 0.4 -0.5 -1.4
Personal disposable income 956,908 963,492 967,044 975,068 981,524 1,017,312 949,484 965,628
  -0.1 0.7 0.4 0.8 0.7 3.6 5.3 1.7
Personal saving rate2 5.2 5.1 4.4 3.5 3.0 5.9 3.6 4.6
  ... ... ... ... ... ... ... ...
  millions of chained (2002) dollars
Personal expenditure on consumer goods and services 805,212 809,684 817,284 825,194 833,839 839,287 810,723 814,344
  -0.3 0.6 0.9 1.0 1.0 0.7 2.9 0.4
Government current expenditure on goods and services 268,365 269,339 273,663 278,245 279,393 280,414 263,243 272,403
  0.8 0.4 1.6 1.7 0.4 0.4 3.9 3.5
Gross fixed capital formation 280,326 274,416 279,972 284,101 291,013 296,771 316,795 279,704
  -8.4 -2.1 2.0 1.5 2.4 2.0 1.4 -11.7
Investment in inventories -6,931 -1,809 -1,600 -1,175 5,497 12,713 9,043 -2,879
  ... ... ... ... ... ... ... ...
Exports of goods and services 423,045 405,109 414,403 428,043 439,095 445,550 486,783 417,650
  -9.0 -4.2 2.3 3.3 2.6 1.5 -4.6 -14.2
Imports of goods and services 482,600 480,333 510,165 525,291 542,622 563,613 580,384 499,597
  -11.5 -0.5 6.2 3.0 3.3 3.9 1.2 -13.9
Final dometic demand 1,351,786 1,351,009 1,368,670 1,385,435 1,402,043 1,414,254 1,389,545 1,364,225
  -2.0 -0.1 1.3 1.2 1.2 0.9 2.8 -1.8
Gross domestic product at market prices 1,287,151 1,278,013 1,280,856 1,296,396 1,314,903 1,321,419 1,318,055 1,285,604
  -1.8 -0.7 0.2 1.2 1.4 0.5 0.5 -2.5
Gross domestic product at basic prices by industry                
Goods producing industries 339,272 326,513 323,250 330,429 340,218 346,652 363,625 329,866
  -4.8 -3.8 -1.0 2.2 3.0 1.9 -2.6 -9.3
Industrial production 243,715 233,516 230,509 235,612 243,018 248,277 261,955 235,838
  -4.6 -4.2 -1.3 2.2 3.1 2.2 -4.2 -10.0
Energy sector 82,691 78,764 77,593 79,125 80,060 81,999 84,147 79,543
  -0.7 -4.7 -1.5 2.0 1.2 2.4 -3.0 -5.5
Manufacturing 153,732 148,760 149,471 152,310 158,643 161,202 171,906 151,068
  -7.2 -3.2 0.5 1.9 4.2 1.6 -5.7 -12.1
Non-durable manufacturing 64,097 62,440 62,521 63,292 64,884 65,280 67,604 63,087
  -2.9 -2.6 0.1 1.2 2.5 0.6 -4.6 -6.7
Durable manufacturing 89,459 86,097 86,755 88,870 93,736 95,981 104,617 87,795
  -10.4 -3.8 0.8 2.4 5.5 2.4 -6.5 -16.1
Construction 69,732 68,071 68,379 70,027 71,933 72,515 74,452 69,052
  -6.2 -2.4 0.5 2.4 2.7 0.8 2.8 -7.3
Services producing industries 862,361 865,793 871,657 879,104 887,598 888,730 869,154 869,729
  -0.5 0.4 0.7 0.9 1.0 0.1 2.1 0.1
Wholesale trade 64,208 64,602 66,756 68,108 70,649 70,502 70,693 65,918
  -4.6 0.6 3.3 2.0 3.7 -0.2 0.5 -6.8
Retail trade 73,409 74,055 75,134 75,682 77,415 77,107 74,963 74,570
  -1.0 0.9 1.5 0.7 2.3 -0.4 3.0 -0.5
Transportation and warehousing 55,861 55,279 55,720 56,529 57,663 58,109 58,323 55,847
  -2.7 -1.0 0.8 1.5 2.0 0.8 0.5 -4.2
Finance, insurance, real estate and renting 247,372 250,873 252,995 255,941 257,064 257,869 246,623 251,796
  0.2 1.4 0.8 1.2 0.4 0.3 2.2 2.1
Information and communication technologies 58,983 58,674 58,578 58,777 59,343 59,629 59,536 58,753
  -1.1 -0.5 -0.2 0.3 1.0 0.5 3.0 -1.3
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 4

Monthly gross domestic product by industry at basic prices in chained (2002) dollars
  January 2010r February 2010r March 2010r April 2010r May 2010r June 2010p June 2010 June 2009 to June 2010
  Seasonally adjusted
  month-to-month % change $ millions¹ % change
All Industries 0.6  0.3  0.6  -0.0  0.1  0.2  1,234,070 3.9 
Goods-producing industries 1.4  0.7  1.2  0.2  0.6  0.6  348,668 7.6 
Agriculture, forestry, fishing and hunting -0.2 1.4 0.7 0.0 1.6 2.2 26,441 5.4
Mining and oil and gas extraction 1.4 1.4 0.9 1.4 2.8 -0.8 54,393 7.4
Utilities 0.0 0.1 -1.4 -0.7 -0.6 1.8 29,664 1.1
Construction 1.9 -0.6 1.1 0.7 -0.6 0.1 72,384 6.6
Manufacturing 1.5 1.0 2.0 -0.5 0.0 1.3 162,585 10.1
Services-producing industries 0.3  0.1  0.3  -0.1  -0.1  0.1  889,097 2.4 
Wholesale trade 2.4 -1.1 1.4 0.4 -1.8 -0.0 70,069 6.8
Retail trade 1.2 0.5 1.7 -2.1 0.3 0.7 77,543 3.9
Transportation and warehousing 0.6 0.3 0.5 -0.1 0.5 0.3 58,338 5.2
Information and cultural industries 0.1 0.4 -0.3 -0.2 0.0 0.3 45,470 -0.3
Finance, insurance and real estate -0.1 0.0 0.2 0.2 0.0 -0.2 257,556 2.1
Professional, scientific and technical services 0.0 -0.1 0.2 0.1 -0.2 0.2 60,159 -0.6
Administrative and waste management services 0.1 0.2 0.2 0.2 0.2 0.8 30,075 1.0
Education services 0.1 0.1 -0.0 0.3 0.2 0.2 63,293 2.7
Health care and social assistance -0.1 -0.1 0.2 0.0 -0.0 0.1 82,531 1.5
Arts, entertainment and recreation -0.3 5.4 -4.3 -1.4 0.4 1.0 11,238 1.1
Accommodation and food services -0.3 2.0 -0.2 -0.7 0.2 -0.4 27,172 2.8
Other services (except public administration) -0.0 0.0 0.0 0.1 -0.1 0.1 32,112 -0.2
Public administration 0.1 -0.0 0.0 -0.0 -0.0 -0.1 73,874 2.1
Other aggregations                
Industrial production 1.3 1.1 1.2 0.1 1.0 0.6 250,053 8.1
Non-durable manufacturing industries 0.7 1.2 1.4 -1.4 0.8 0.5 65,651 4.7
Durable manufacturing industries 2.2 0.9 2.5 0.2 -0.6 1.9 97,017 14.6
Business sector industries 0.7 0.4 0.7 -0.0 0.2 0.3 1,024,852 4.2
Non-business sector industries 0.1 0.0 0.0 0.1 0.1 0.1 209,288 2.2
Information and communication technologies industries 0.5 0.1 0.5 0.2 -0.5 0.8 59,817 2.1
Energy sector 0.9 0.5 -0.2 1.0 1.9 0.2 82,652 4.8
revised
preliminary
Millions of chained (2002) dollars, seasonally adjusted at annual rates.

Table 5

Gross domestic product, implicit chain price indexes, quarterly change
  First quarter 2009 Second quarter 2009 Third quarter 2009 Fourth quarter 2009 First quarter 2010 Second quarter 2010
  Using seasonally adjusted data (2002=100)
  quarterly % change
Personal expenditure on consumer goods and services 0.0 0.2 0.2 0.8 0.2 -0.1
Business gross fixed capital formation 0.4 -1.3 -0.9 0.1 0.3 0.4
Exports of goods and services -7.3 -2.7 -0.5 1.6 1.8 -0.4
Imports of goods and services -2.2 -4.1 -3.2 -1.3 -0.2 -0.4
Gross domestic product at market prices -1.6 0.3 0.9 1.1 0.9 0.2
Final domestic demand 0.1 0.0 -0.1 0.6 0.3 0.1

Table 6

Gross domestic product, implicit chain price indexes, year-over-year change
  First quarter 2009 Second quarter 2009 Third quarter 2009 Fourth quarter 2009 First quarter 2010 Second quarter 2010
  Using seasonally adjusted data (2002=100)
  year-over-year % change
Personal expenditure on consumer goods and services 1.0 0.3 -0.5 1.2 1.4 1.1
Business gross fixed capital formation 6.4 3.4 1.2 -1.7 -1.8 -0.1
Exports of goods and services -1.0 -11.6 -15.3 -8.8 0.2 2.6
Imports of goods and services 13.0 3.9 -4.3 -10.4 -8.6 -5.1
Gross domestic product at market prices -1.3 -3.8 -3.8 0.7 3.2 3.2
Final domestic demand 2.7 1.6 0.4 0.6 0.9 1.0

Table 7

Financial market summary table
  First quarter 2009 Second quarter 2009 Third quarter 2009 Fourth quarter 2009 First quarter 2010 Second quarter 2010 2008 2009
  Seasonally adjusted at annual rates
  $ millions
Funds raised                
Persons and unincorporated business 86,740 88,856 91,464 92,732 101,852 91,324 111,955 89,948
Consumer credit 31,052 36,144 38,272 37,504 29,156 22,264 32,540 35,743
Loans 2,880 -2,740 -5,456 -4,544 1,544 -872 9,515 -2,465
Mortgages 52,808 55,452 58,648 59,772 71,152 69,932 69,900 56,670
Non-financial private corporations 35,280 43,828 75,384 30,116 53,036 64,024 75,475 46,152
Loans -15,704 -31,424 -26,972 -17,512 -7,120 20,516 28,383 -22,903
Short-term paper 708 -17,888 -12,652 -27,360 -5,608 776 2,538 -14,298
Mortgages 9,868 9,992 9,852 7,552 10,120 14,532 19,007 9,316
Bonds 17,796 55,396 31,384 35,776 25,332 -6,232 11,363 35,088
Shares 22,612 27,752 73,772 31,660 30,312 34,432 14,184 38,949
Non-financial government enterprises 6,152 1,280 2,460 -6,084 5,060 280 -3,108 952
Loans 772 2,300 1,084 -3,332 3,948 -536 487 206
Short-term paper -432 -2,096 656 -592 168 684 -364 -616
Mortgages -8 -4 -4 4 0 -20 3 -3
Bonds 5,820 1,080 724 -2,164 944 152 -3,234 1,365
Shares 0 0 0 0 0 0 0 0
Federal government 177,256 49,736 100,984 17,752 40,960 26,808 71,323 86,432
Loans -236 -76 296 256 -164 -64 -100 60
Short-term paper 70,852 2,088 -11,624 -47,340 -31,244 -37,996 65,710 3,494
Bonds 106,640 47,724 112,312 64,836 72,368 64,868 5,713 82,878
Other levels of government 26,940 66,332 9,836 73,124 21,332 90,112 24,887 44,058
Loans 3,868 648 2,600 2,952 1,744 1,760 958 2,517
Short-term paper -3,668 6,848 9,312 18,124 -15,780 19,868 13,366 7,654
Mortgages 8 -4 -4 4 0 0 -26 1
Bonds 26,732 58,840 -2,072 52,044 35,368 68,484 10,589 33,886
Total funds raised by domestic non-financial sectors 332,368 250,032 280,128 207,640 222,240 272,548 280,532 267,542
Consumer credit 31,052 36,144 38,272 37,504 29,156 22,264 32,540 35,743
Loans -8,420 -31,292 -28,448 -22,180 -48 20,804 39,243 -22,585
Short-term paper 67,460 -11,048 -14,308 -57,168 -52,464 -16,668 81,250 -3,766
Mortgages 62,676 65,436 68,492 67,332 81,272 84,444 88,884 65,984
Bonds 156,988 163,040 142,348 150,492 134,012 127,272 24,431 153,217
Shares 22,612 27,752 73,772 31,660 30,312 34,432 14,184 38,949