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Latest Developments in the Canadian Economic Accounts

Chronology of events

The System of National Accounts is constantly making important improvements. They are listed chronologically below. You can also jump to a specific date by using this drop-down menu.

June 20, 2011
A preview of the historical revision of the Canadian System of National Accounts
This paper provides a preview of the historical (comprehensive) revision of the Canadian System National Accounts to be released beginning in October 2012. The last revision of this scope took place in 1997. The paper highlights the changes resulting from the adoption of SNA2008 which is the revised international standard for national accounting, along with statistical revisions arising from new and improved source data and methodologies. Updates to the classification systems used in the Canadian System of National Accounts are also presented along with a list of changes planned for 2014.

Impact of new accounting standards on the Financial and Wealth Accounts
This note provides a brief explanation of the impact that the transition from reporting financial statements under Canadian Generally Accepted Accounting Principles (CGAAP) to the new, internationally unified financial accounting framework of the International Financial Reporting Standards (IFRS) will have on the Canadian Financial Flow Accounts and the National Balance Sheet Accounts estimates.

May 30, 2011
The 2008 to 2010 revisions of the Income and Expenditure Accounts
Revised estimates of the Income and Expenditure Accounts (IEA) covering the period 2008 to 2010 have been released along with those for the first quarter of 2011. These revised estimates incorporate the most current source data and seasonal patterns.

Revision to the real import and export adjustments to account for exchange rate fluctuations
This paper presents the background, methodological change and implementation of the revised real import and export adjustments that account for exchange rate fluctuations.

May 18, 2011
Canadian System of National Accounts Revision Policy
Statistical revisions are carried out regularly in the Canadian System of National Accounts (CSNA) in order to incorporate the most current information from censuses, annual surveys, administrative statistics, public accounts, etc., and to implement improved estimation methods.

May 31, 2010
The 2006 to 2009 revisions of the Income and Expenditure Accounts
Revised estimates of the Income and Expenditure Accounts (IEA) covering the period 2006 to 2009 have been released along with those for the first quarter of 2010. These revised estimates incorporate the most current source data and seasonal patterns.

May 5, 2010
Renewing the Canadian System of National Accounts
The majority of Canada's national, provincial and territorial macroeconomic indicators originate from the Canadian System of National Accounts (CSNA). These indicators include such things as Gross Domestic Product, Net Worth, Savings, Personal Disposable Income and Government Debt. Statistics Canada is launching a project that will make key changes to these macroeconomic indicators.

Moving from the Financial Management System to Government Finance Statistics
The government finance statistical program is designed to measure and analyze the economic dimensions of the public sector of Canada. The economic dimensions measured are: revenue, expenditures and the resulting surplus or deficit, assets and liabilities, net worth or net debt position.

December 10, 2009
New projection methodology for purchasing power parities
Purchasing power parities (PPPs) are estimates of relative purchasing power between two or more currencies. By adjusting to a common currency and a common set of prices, they can be used to make international comparisons of the relative volumes of goods and services invested in or consumed.

December 1 and December 14, 2009
Financial and Wealth Accounts Re-sectoring
With the release of the Financial Flow Accounts (FFA) on December 1st and the National Balance Sheet Accounts (NBSA) on December 14th, the Income and Expenditure Accounts Division will be publishing revised sector and category detail on CANSIM.  These changes are briefly described below.

June 1, 2009
The 2005 to 2008 revisions to the Income and Expenditure Accounts
Revised estimates of the Income and Expenditure Accounts (IEA) covering the period 2005 to 2008 have been released along with those for the first quarter of 2009. These revised estimates incorporate the most current source data and seasonal patterns.

Revisions to international merchandise trade statistics
Quarterly international merchandise trade statistics are published approximately six weeks after the reference period. Two weeks later, these data are incorporated into the Income and Expenditure Accounts, at which point they are subject to revision. This note outlines the primary sources of the revisions.

June 24, 2008
Preliminary results of the Pension Satellite Account, 1990 to 2007
The Pension Satellite Account covers the entire universe of the retirement regime in Canada which includes government-sponsored social security, employer-sponsored pension plans and voluntary individual retirement savings plans. In this preliminary release, a time series of pension assets by type from 1990 to 2007 is published as a supplement to the National Balance Sheet.

May 30, 2008
The 2004 to 2007 revisions of the Income and Expenditure Accounts
Revised estimates of the Income and Expenditure Accounts covering the period 2004 to 2007 have been released along with those for the first quarter of 2008. The current revisions to GDP resulted from the inclusion of the most current estimates from data sources, including survey results, administrative data and public accounts.

December 13, 2007
Re-referencing and change of industry classification system
With the release of the third quarter of 2007 Canadian productivity accounts on December 13, 2007, quarterly estimates will be revised from 1997 to 2007. Labour productivity and associated variables will be converted from a 1997 reference year to a 2002 reference year for their index number estimates.

November 8, 2007
Re-referencing and change of industry classification system
Effective with the 2006 Provincial Economic Accounts release on November 8, 2007, the expenditure-based gross domestic product (GDP) and associated components will be converted from a 1997 reference year to a 2002 reference year for its volume and price estimates. Also effective with this release, industry data will be converted from North American Industry Classification System, NAICS 1997 to NAICS 2002.

October 31, 2007
Re-referencing and change of industry classification system
On October 31, 2007, with the release of the data for August 2007, the monthly gross domestic product (GDP) by industry estimates will use the North American Industry Classification System, NAICS 2002 instead of NAICS 1997, and will convert to reference year 2002 instead of 1997 for its volume estimates.

June 25, 2007
Industry productivity database
Statistics Canada released a new experimental industry database that, for the first time, provides a series for multifactor productivity (MFP), output and inputs that include capital (K), labour (L), energy (E), materials (M) and purchased services (S) in the new North American Industry Classification system back to 1961.

May 31, 2007
The 2003-2006 revisions of the Income and Expenditure Accounts
Revised estimates of the Income and Expenditure Accounts covering the period 2003 to 2006 have been released along with those for the first quarter of 2007. The current revisions to GDP resulted from the inclusion of the most current estimates from data sources, including survey results, administrative data and public accounts.

May 28, 2007
The 2001-2006 revisions and rebasing to 2002 of the National Tourism Indicators
The National Tourism Indicators will be revised back to 2001 and their volume and price estimates converted to a 2002 reference year, effective June 29, 2007.

May 16, 2007
Canadian Economic Accounts re-referencing
Effective with the first quarter 2007 Income and Expenditure Accounts release on May 31, 2007, the expenditure-based gross domestic product (GDP) and associated components will be converted from a 1997 reference year to a 2002 reference year for its volume and price estimates.

March 1, 2007
Softwood Lumber Agreement between Canada and the United States: National Accounts treatment
Background and notes on the treatment in the National Accounts, including the Balance of Payments, of transactions resulting from the Softwood Lumber Agreement between Canada and the United States that was signed in October of 2006. Due to the unique nature of these transactions the note explains how funds were transacted and treated in various accounts of Canadian macro economic accounts.

May 31, 2006
The 2002-2005 revisions of the Income and Expenditure Accounts
Revised estimates of the Income and Expenditure Accounts covering the period 2002 to 2005 have been released along with those for the first quarter of 2006. The current revisions to GDP resulted from the inclusion of the most current estimates from data sources, including survey results, administrative data and public accounts.

May 24, 2006
Market value of foreign direct investment position
The market value of foreign direct investment position is presented for the first time along with an explanation of the methodology developed to produce these first estimates.

March 27, 2006
National Accounts Advisory Committee: Overview of activities 2005
The National Accounts Advisory Committee reviews and gives advice on the concepts, methods, plans, standards as well as results associated with Statistics Canada’s System of National Accounts.

May 31, 2005
The 2001-2004 revisions of the Income and Expenditure Accounts
Revised estimates of the Income and Expenditure Accounts covering the period 2001 to 2004 have been released along with those for the first quarter of 2005. The current revisions to GDP resulted from the inclusion of the most current estimates from data sources, including survey results, administrative data and public accounts.

April 11, 2005
National Accounts Advisory Committee: Overview of activities 2004
The National Accounts Advisory Committee reviews and gives advice on the concepts, methods, plans, standards as well as results associated with Statistics Canada’s System of National Accounts.

August 13, 2004
National Accounts Advisory Committee: Overview of activities 2003
The National Accounts Advisory Committee reviews and gives advice on the concepts, methods, plans, standards as well as results associated with Statistics Canada’s System of National Accounts.

June 24, 2004
National Balance Sheet estimates at market value
Key financial instruments in the National Balance Sheet Accounts are now measured at market value.

Recent trends in household net worth
With financial assets now estimated at market value, the role of wealth in the economy can now be examined. This note looks at the evolution of wealth and its components.

June 16, 2004
International Investment Position estimates at market value
Key financial instruments in the International Investment Position are now measured at market value.

May 31, 2004
The 2000-2003 revisions of the Income and Expenditure Accounts
Following usual practice, revised estimates covering the period 2000 to 2003 of the National Economic and Financial Accounts were released along with those for the first quarter of 2004. This revision cycle incorporated statistical revisions only. There were no conceptual or methodological changes.

November 6, 2003
Trends in provincial and territorial economic statistics: 1981 - 2002
This document contains five articles providing historical analysis of the provincial and territorial economies from 1981 to 2002.

The 1999-2000 revisions of the Provincial Input-Output Accounts
This release of the Provincial Input-Output Accounts (PIOA) incorporates several changes for the manufacturing industries.

June 24, 2003
First release of the quarterly national balance sheet accounts
This first release of the quarterly national balance sheet accounts is part of a joint effort with Canada's international investment position to provide users with more up to date and meaningful data.

June 17, 2003
First release of the quarterly international investment position
This first release of the quarterly international investment position is part of a joint effort with the national balance sheet accounts to provide users with more up to date and meaningful data.

May 30, 2003
The 1999-2002 revisions of the National Economic and Financial Accounts
Following usual practice, revised estimates covering the period 1999 to 2002 of the National Economic and Financial Accounts were released along with those for the first quarter of 2003. This revision cycle incorporated statistical revisions only. There were no conceptual or methodological changes.

February 28, 2003
As of February 28, 2003 the Canadian System of National Accounts will adopt the following treatment of the Ontario electricity rate freeze and rebate. Funds financing the subsidy coming from Ontario Power Generation are considered remitted profits and form part of government income. The first instalment rebate paid to households is treated as transfers to persons.

November 7, 2002
As of November 7, 2002 the Provincial Economic Accounts estimates will incorporate:

  • Chain Fisher formula
    The Provincial Economic Accounts will adopt the Fisher Volume Index, chained annually, as the official measure of real expenditure-based GDP. This change will be incorporated into the affected series back to 1981. See Chain Fisher Methodology for more information.
  • Conceptual changes
    A number of changes related to Licenses and Registration, Farm Inventories, Land Transfer Taxes, Spectrum Charges and Trade have been incorporated into the Provincial Economic Accounts. These changes have been incorporated into the affected series back to 1981 and are consistent with those changes which have been incorporated in the National Income and Expenditure Accounts since May 31, 2002. These National Income and Expenditure Accounts changes are described in an article "The 2002 Revisions of the National Economic and Financial Accounts"

September 30, 2002
As of September 30, 2002 the monthly GDP by industry estimates will incorporate:

  • Chain Fisher formula
    This change will be applied from January 1997 and will be pushed back to January 1961 within a year.

    Chain Fisher CANSIM II vector IDs:
    • Detailed Industry vector codes (HTML) (PDF)
    • Aggregated Industry vector codes (HTML) (PDF)
  • Modification to the ICT sector
    The definition of the Information and communications technologies (ICT) sector will be modified to conform more closely to the international standard developed by the Organisation for Economic Co-operation and Development (OECD). Specifically, libraries and the retailing of ICT commodities will be removed from the aggregation, but due to data limitations we will not include the repair of ICT equipment in our aggregation. The estimates will be reworked back to January 1997.

    ICT Sector - Industry codes (HTML) (PDF)

May 31, 2002
On May 31, 2002, the National Income and Expenditure Accounts will incorporate a number of conceptual changes. These changes relate to licenses and registrations, farm inventories, land transfer taxes and spectrum charges. These changes and other sources of revisions are described in an article "The 2002 revisions of the National Economic and Financial Accounts".

Revised series (HTML) (PDF)

January 31, 2002
As of January 31, 2002 the monthly GDP by industry estimates will include Information and Communications Technologies (ICT) series. Three new aggregation series for the Information and Communications Technologies (ICT) sector and its manufacturing and services components are available back to January 1997 on CANSIM II.

September 28, 2001
As of September 28, 2001 the annual revision of monthly GDP by industry estimates will include major classification and conceptual changes:

May 31, 2001
As of May 31, 2001 the Quarterly Income and Expenditure Accounts will have adopted the following four changes:

May 31, 2000
The revised sectoring of government employee pension plans
With the release of the first quarter 2000 of the National Income and Expenditure Accounts the sectoring of federal and provincial government, non-autonomous pension plans has changed. These pension plans are now part of the personal sector. Previously these plans were included in either the federal or provincial government sector accounts.

May 14, 1998
Historical revision of the Provincial Economic Accounts
A major revision of the Provincial Economic Accounts (PEA) was published at the time of the official release. The revision covered the time period 1992 to 1997 and brought the PEA in line with the National Economic and Financial Accounts (NEFA) published early in March.

December 12, 1997
Historical revision of the National Economic and Financial Accounts
A historical revision of the National Economic and Financial Accounts was published on December 12, 1997. This historical revision had three goals.