According to a principal components analysis (PCA)-based experimental activity index, the three-month moving average of the growth in provincial and territorial economic activity was positive for all 10 jurisdictions reported in December 2021. This is the first time since April 2021 that all moving averages were positive in the same month, and it marks a positive end to 2021 for the provincial and territorial economic activity indexes. The PCA-based indexes show average growth in economic activity was largest in Prince Edward Island, Saskatchewan and Ontario.
The fourth quarter of 2021 was a period of lighter COVID-19 restrictions before the arrival of the Omicron variant. Restrictions during this period did not affect growth in an important manner, and both real gross domestic product and employment from the Labour Force Survey report strong growth at the end of 2021.
Average growth in economic activity accelerated in 6 out of 10 provinces and territories from November to December 2021. The accelerations in growth were strongest for Northwest Territories, Saskatchewan and New Brunswick. In provinces and territories where growth slowed, the changes are most noticeable in Prince Edward Island and Nova Scotia.
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