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Household spending boosts GDP growth, driven by financial services and durable goods such as appliances, cars
CBC News Posted: Mar 02, 2017 8:53 AM ET Last Updated: Mar 02, 2017 9:54 AM ET
The Canadian economy gained momentum in the fourth quarter of 2016 at a 2.6 per cent annualized rate, beating expectations.
The new data released Thursday by Statistics Canada compares favourably to U.S. GDP growth during the same period, which was 1.9 per cent annualized.
Economists surveyed by Thompson Reuters had expected an annualized growth rate of two per cent for the quarter.
Household consumption was the single biggest driver of the GDP growth of 0.6 per cent in the final three months of last year, boosted by stronger spending on financial services and durable goods such as household appliances and vehicles. Investment in residential structures also rebounded.
Business investment declined 2.1 per cent during the quarter, the ninth quarterly contraction in a row.
"There are worse ways to end a year," wrote Brian DePratto, senior economist with TD Economics, in a note to clients.
"Canadians opened their wallets both at stores and construction offices, delivering a solid fourth-quarter economic performance. That said, the fly in the ointment continues to be business investment."
Fourth-quarter growth was down from the revised 3.8 per cent annualized rate for the third quarter, which had been boosted by a resurgent energy industry after the 2016 fires in Fort McMurray, Alta.
Annual GDP growth
Thursday's data shows GDP grew 1.4 per cent for last year as a whole, an improvement on the 0.9 per cent growth in 2015. The 2016 gain was skewed towards the first two quarters of the year, according to the national statistics agency.
Business investment in non-residential structures declines by 10.7 per cent for the second year in a row, which Statistics Canada attributes to "weakness in the energy sector."
Investment in housing, however, rose 2.9 per cent in 2016.
Exports of goods and services increased 1.1 per cent last year, while imports declined 1 per cent.
Household disposable income rose 3.8 per cent for the year, as employee compensation increased by 2.5 per cent. The household saving rate rose slightly, to 5.3 per cent from five per cent in 2015.
With files from The Canadian Press
CBC News Posted: Mar 02, 2017 8:53 AM ET Last Updated: Mar 02, 2017 9:54 AM ET
The Canadian economy gained momentum in the fourth quarter of 2016 at a 2.6 per cent annualized rate, beating expectations.
The new data released Thursday by Statistics Canada compares favourably to U.S. GDP growth during the same period, which was 1.9 per cent annualized.
Economists surveyed by Thompson Reuters had expected an annualized growth rate of two per cent for the quarter.
Household consumption was the single biggest driver of the GDP growth of 0.6 per cent in the final three months of last year, boosted by stronger spending on financial services and durable goods such as household appliances and vehicles. Investment in residential structures also rebounded.
Business investment declined 2.1 per cent during the quarter, the ninth quarterly contraction in a row.
"There are worse ways to end a year," wrote Brian DePratto, senior economist with TD Economics, in a note to clients.
"Canadians opened their wallets both at stores and construction offices, delivering a solid fourth-quarter economic performance. That said, the fly in the ointment continues to be business investment."
Fourth-quarter growth was down from the revised 3.8 per cent annualized rate for the third quarter, which had been boosted by a resurgent energy industry after the 2016 fires in Fort McMurray, Alta.
Annual GDP growth
Thursday's data shows GDP grew 1.4 per cent for last year as a whole, an improvement on the 0.9 per cent growth in 2015. The 2016 gain was skewed towards the first two quarters of the year, according to the national statistics agency.
Business investment in non-residential structures declines by 10.7 per cent for the second year in a row, which Statistics Canada attributes to "weakness in the energy sector."
Investment in housing, however, rose 2.9 per cent in 2016.
Exports of goods and services increased 1.1 per cent last year, while imports declined 1 per cent.
Household disposable income rose 3.8 per cent for the year, as employee compensation increased by 2.5 per cent. The household saving rate rose slightly, to 5.3 per cent from five per cent in 2015.
With files from The Canadian Press
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