According to the principal components analysis (PCA)-based experimental activity index, the three-month moving averages for economic activity increased in 6 of the 10 provinces and territories reported in June 2022. The largest gains were in Alberta, Prince Edward Island, Manitoba, and Nova Scotia, while the largest declines where in Northwest Territories, Saskatchewan, and New Brunswick.
Over the spring of 2022, monthly real gross domestic product (GDP) was strong, particularly in April while employment was stable. COVID-19 restrictions were reduced for internal and international travel, contributing to increases in economic activity, particularly in client-facing industries such as tourism-related service industries. This increase was reflected at the national level in monthly GDP estimates, particularly for April and June 2022. For the activity indexes, April or May tend to have a higher growth rate for the three-month moving average, similarly reflecting the timing with which real GDP growth was strong and when travel restrictions were reduced.
Based on data for the first half of 2022, the growth in economic activity is decelerating in 6 of the 10 provinces and territories where estimates are reported. The activity indexes are designed to correlate with GDP growth, and year-to-date calculations can provide an early indication for how growth in annual GDP growth may change in the regions. Year-to-date calculations from the activity indexes indicate the largest deceleration is in Northwest Territories, followed by Saskatchewan and Quebec. The largest acceleration is in Newfoundland and Labrador and Alberta.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).