Canadian Real GDP Slips 0.3% in Q3, but Housing Investment Climbs
Gross domestic product, income and expenditure, third quarter 2023
Statistics Canada (StatCan) reported on Thursday (11-30-23) that real gross domestic product (GDP) in Q3 declined 0.3% from Q2. The drop follows a 0.3% increase in Q2.
StatCan said the decrease in international exports and slower inventory accumulation were partially offset by increases in government spending and housing investment.
Final domestic demand increased 0.3% in Q3, following a similar increase in Q2.
Housing Investment
In regard to housing investment, after five consecutive quarterly declines, housing investment increased by 2.0% in Q3. A 6.5% increase in new construction was partly offset by a 4.3% decline in ownership transfer costs, which represent resale activity.
According to StatCan, apartment construction had the greatest impact on new construction; costs related to new construction, such as taxes and closing costs upon ownership change, also contributed to new construction investment. The increase in new construction was observed across all provinces and the Northwest Territories, with the Atlantic provinces posting the largest increases.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.