Gross Domestic Product (GDP) by Income and Expenditure
Gross Domestic Product (GDP) by Income and Expenditure, 2019
On November 9, 2020 Statistics Canada released preliminary Provincial Gross Domestic Product (GDP) by Income and Expenditure data for 2019 and revisions for 2017 and 2018.
Overview
The PEI GDP at market prices in current dollars was valued at $7,523 million in 2019. The statistics show that the Prince Edward Island economy grew by 5.1 per cent in chained 2012 dollars, the fastest growth since 1995. This was the highest growth among provinces, ahead of Newfoundland and Labrador at 4.0 per cent. PEI is the only jurisdiction in the country to have continuous GDP growth since 2007. The revised data shows growth of 4.7 per cent in 2017 and 2.5 per cent in 2018.
As Table 1 indicates, the national economy expanded by 1.9 per cent in chained 2012 dollars in 2019, following a 2.4 per cent increase in 2018. Nunavut saw the highest growth among provinces and territories in 2019 with an increase of 6.5 per cent, followed by Prince Edward Island at 5.1 per cent and Newfoundland and Labrador at 4.0 per cent. The only jurisdictions where Real GDP fell in 2019 were Northwest Territories at -8.0 per cent and Saskatchewan at -0.7 per cent.
| Chained GDP Growth (%) | Nominal 2019 GDP | |||||
| (Chained $ 2012) | ||||||
| Province | 2016 | 2017 | 2018 | 2019 | $ millions | |
| Newfoundland and Labrador | 1.5 | 1.5 | -3.5 | 4.0 | 35,349 | |
| Prince Edward Island | 2.1 | 4.7 | 2.5 | 5.1 | 7,523 | |
| Nova Scotia | 1.6 | 1.8 | 1.9 | 2.4 | 46,586 | |
| New Brunswick | 0.8 | 2.5 | 0.5 | 1.2 | 38,236 | |
| Quebec | 1.6 | 2.9 | 2.9 | 2.7 | 460,357 | |
| Ontario | 2.1 | 2.8 | 2.8 | 2.1 | 891,811 | |
| Manitoba | 1.4 | 3.3 | 1.5 | 0.6 | 73,814 | |
| Saskatchewan | -0.1 | 2.6 | 1.2 | -0.7 | 82,917 | |
| Alberta | -3.5 | 4.5 | 1.9 | 0.1 | 352,884 | |
| British Columbia | 2.8 | 3.8 | 2.7 | 2.7 | 309,059 | |
| Yukon | 7.4 | 1.8 | 3.8 | 0.8 | 3,157 | |
| Northwest Territories | -1.4 | 3.4 | 0.8 | -8.0 | 4,542 | |
| Nunavut | 5.1 | 13.2 | 5.2 | 6.5 | 3,689 | |
| Canada | 1.0 | 3.0 | 2.4 | 1.9 | 2,310,712 | |
PEI’s growth in real GDP was attributable to a 21.4 per cent rise in housing investment, coinciding with an inflow of international immigrants in recent years, as well as a 3.2 per cent increase in exports. Growth in household spending increased from 2.0 per cent in 2018 to 2.6 per cent in 2019. Growth in imports slowed to 2.1 per cent from 3.9 per cent in 2018, while growth of exports remained steady at 3.2 per cent, down slightly from 3.3 per cent in 2018.
Table 2 shows PEI’s expenditure based real GDP in chained 2012 dollars from 2015 to 2019.
| in $ millions (except per capita) | 2015 | 2016 | 2017 | 2018 | 2019 |
| Chained 2012 dollars | |||||
| Final consumption expenditure | 5,924 | 6,046 | 6,187 | 6,331 | 6,500 |
| Household final consumption expenditure | 4,069 | 4,167 | 4,274 | 4,359 | 4,471 |
| Goods | 2,021 | 2,077 | 2,144 | 2,165 | 2,199 |
| Services | 2,047 | 2,089 | 2,129 | 2,193 | 2,270 |
| Non-profit institutions serving households' final consumption expenditure | 75 | 81 | 81 | 84 | 87 |
| General governments final consumption expenditure | 1,783 | 1,802 | 1,837 | 1,893 | 1,946 |
| Gross fixed capital formation | 874 | 977 | 1,193 | 1,219 | 1,347 |
| Business gross fixed capital formation | 662 | 748 | 920 | 947 | 1,044 |
| Residential structures | 333 | 356 | 438 | 462 | 561 |
| Non-residential structures, machinery and equipment | 288 | 348 | 429 | 431 | 432 |
| Intellectual property products | 43 | 45 | 54 | 55 | 54 |
| Non-profit institutions serving households' gross fixed capital formation | 7 | 6 | 6 | 9 | 11 |
| General governments gross fixed capital formation | 204 | 221 | 264 | 261 | 289 |
| Investment in inventories | 19 | -21 | 21 | 58 | 88 |
| Of which: business investment in inventories | 20 | -21 | 19 | 61 | 87 |
| Non-farm | 27 | -24 | 25 | 69 | 36 |
| Farm | -7 | 3 | -5 | -7 | 47 |
| Exports of goods and services | 2,874 | 2,888 | 2,998 | 3,098 | 3,197 |
| Exports to other countries | 1,355 | 1,374 | 1,393 | 1,454 | 1,513 |
| Exports to other provinces | 1,513 | 1,508 | 1,599 | 1,637 | 1,676 |
| Less: imports of goods and services | 3,837 | 3,922 | 4,155 | 4,318 | 4,407 |
| Imports from other countries | 1,296 | 1,298 | 1,383 | 1,466 | 1,451 |
| Imports from other provinces | 2,538 | 2,622 | 2,770 | 2,848 | 2,953 |
| Statistical discrepancy | -4 | -4 | -8 | 10 | -2 |
| Gross domestic product at market prices | 5,770 | 5,894 | 6,170 | 6,324 | 6,644 |
| Final domestic demand | 6,797 | 7,024 | 7,386 | 7,556 | 7,856 |
| Annual Growth in Gross Domestic Product (%) | 1.4 | 2.1 | 4.7 | 2.5 | 5.1 |
| Gross Domestic Product Per Capita (chained 2012 $) | 39,918 | 40,104 | 41,023 | 41,227 | 42,248 |
| Change in Real GDP Per Capita (%) | 1.2 | 0.5 | 2.3 | 0.5 | 2.5 |
| Nominal GDP | 6,088 | 6,376 | 6,790 | 7,033 | 7,523 |
| Nominal GDP Per Capita ($) | 42,118 | 43,383 | 45,146 | 45,849 | 47,837 |
| Change in Nominal GDP Per Capita (%) | 3.7 | 3.0 | 4.1 | 1.6 | 4.3 |
Table 3 shows contributions to change in real GDP for 2019. Final consumption expenditure, the largest component of GDP, contributed 2.6 percentage points to the growth of GDP, while gross fixed capital formation contributed 2.0 percentage points. Investment in inventories contributed 0.4 percentage points to the growth of GDP in 2019. An increase of exports of goods and services added 1.6 percentage points. Imports of goods and services also increased, subtracting 1.4 percentage points from GDP growth, for a total net gain of 0.2 percentage points for international and interprovincial trade.
| Gross domestic product (GDP) | 5.1 | Gross Fixed Capital Formation | 2.0 |
| Final consumption expenditure | 2.6 | Business gross fixed capital formation | 1.6 |
| Durable goods | 0.3 | Residential structures | 1.6 |
| Semi-durable goods | 0.0 | Non-residential structures | 0.1 |
| Non-durable goods | 0.1 | Machinery and equipment | -0.1 |
| Services | 1.2 | Intellectual property products | 0.0 |
| Non-profit institutions final consumption expenditure | 0.0 | Non-profit institutions gross fixed capital formation | 0.0 |
| General governments final consumption expenditure | 0.9 | General governments gross fixed capital formation | 0.4 |
| Exports of goods and services | 1.6 | Investment in inventories | 0.4 |
| Exports to other countries | 1.0 | Non-farm | -0.4 |
| Exports to other provinces | 0.6 | Farm | 0.8 |
| Deduct: Imports of goods and services | 1.4 | Statistical discrepancy | -0.2 |
| Imports from other countries | -0.2 | ||
| Imports from other provinces | 1.6 | Final domestic demand | 4.6 |
Diagram 1 illustrates provincial economic growth from 2015 to 2019 in chained 2012 dollars.
Source: Statistics Canada. Table 36-10-0222-01 Gross domestic product, expenditure-based, provincial and territorial, annual (x 1,000,000), released November 9, 2020.
Related downloads for this release:
Annual GDP By Income and Expenditure report (246 KB)
[1] Imports are a deduction from GDP. A reduction in imports results in a positive contribution to change.