Canadian Real GDP Increases in Q2
Gross domestic product, income and expenditure, second quarter 2024
On Friday, Statistics Canada (StatCan) reported that real gross domestic product (GDP) increased 0.5% quarterly in Q2 after rising 0.4% in Q1. Higher government final consumption expenditures, business investment in engineering structures and machinery and equipment, and household spending on services in the second quarter were offset by declines in exports, residential construction, and household spending on goods.
On a per capita basis, GDP fell 0.1% in Q2, marking the fifth consecutive quarterly decline.
The GDP deflator rose 1.1% in Q2, led by higher prices for household consumption of services. At the same time, the ratio of the price of exports to the price of imports—the terms of trade—fell 0.1% in Q2 as growth in import prices outpaced the growth in export prices.
In Q2, total corporate incomes (i.e., gross operating surplus) rose 3.1% after falling 5.6% in Q1. The operating surplus of non-financial corporations rose 3.1%, with gains in the oil and gas extraction sector, while financial corporation’s surplus rose 2.9%.
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