Gross Domestic Product (GDP) by Income and Expenditure

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On November 8, 2022 Statistics Canada released preliminary Provincial Gross Domestic Product (GDP) by Income and Expenditure data for 2021 and revisions for 2020 and 2019.

 

Real GDP1 at Market Prices

Economic activity rebounded in Canada in 2021, as the reopening of the economy, combined with low interest rates and continued pandemic-related government support, resulted in substantial upturns in household spending, housing investment, and business investment. Real GDP rose in 9 of the 10 provinces and in all 3 territories, with Saskatchewan (-0.9%) recording the only decline.

Prince Edward Island

The PEI GDP at market prices in current dollars was valued at $8.6 billion in 2021. The statistics show that the Prince Edward Island economy expanded by 7.9 per cent in chained 2012 dollars. This was the largest increase among provinces, ahead of Nova Scotia at 6.2 per cent. Prior to the pandemic, PEI was the only jurisdiction in the country to have continuous GDP growth since 2007.

By this measure, the revised data shows the PEI economy contracted by 1.6 per cent in 2020, revised up from -1.7 per cent. PEI’s GDP at market prices in current dollars for 2019 was revised down from 4.7 per cent to 4.5 per cent.

Diagram 1 illustrates PEI's economic growth from 2017 to 2021 in chained 2012 dollars.

 

As Table 1 indicates, the national economy expanded by 5.0 per cent in chained 2012 dollars in 2021, following a 5.1 per cent decrease in 2020. Yukon saw the highest growth among provinces and territories in 2021 with an increase of 10.0 per cent, followed by Nunavut at 8.0 per cent and Prince Edward Island at 7.9 per cent. Real GDP increased in all provinces and Territories in 2021, with the exception of Saskatchewan.

TABLE 1 - REAL GDP CHANGE, CANADA, PROVINCES AND TERRITORIES, 2017 - 2021

  Real GDP Change (%)
  (Chained $ 2012)
Province/Territory 2017 2018 2019 2020 2021
Newfoundland and Labrador 1.5 -2.6 4.0 -4.6 0.6
Prince Edward Island 4.7 1.7 4.5 -1.6 7.9
Nova Scotia 1.8 1.9 3.4 -3.5 6.2
New Brunswick 2.5 1.2 1.3 -2.7 5.9
Quebec 2.9 2.9 2.8 -5.0 6.0
Ontario 2.8 3.4 2.1 -4.7 5.2
Manitoba 3.3 2.0 1.2 -4.4 1.8
Saskatchewan 2.6 1.8 -0.4 -4.8 -0.9
Alberta 4.5 2.2 0.1 -8.0 4.8
British Columbia 3.8 3.6 2.6 -3.0 6.1
Yukon 1.8 2.6 -1.3 3.8 10.0
Northwest Territories 3.4 1.4 -3.9 -10.2 4.9
Nunavut 13.2 4.7 7.5 1.1 8.0
Canada 3.0 2.8 1.9 -5.1 5.0

Growth in Prince Edward Island was led by household spending, which increased because of reflected population growth attributable to immigration and internal migration from other provinces, as many Canadians took advantage of the ability to work remotely and relatively lower living costs in Atlantic Canada. Household spending increased by 8.1 per cent in 2021, following a 3.0 per cent decrease in 2020. As border restrictions and other Covid-19 measures eased in 2021, exports of goods and services, which stagnated in 2020 (0.1%), increased by 7.7 per cent in 2021. Imports of good and services also increased, rising by 9.3 per cent.

Table 2 shows PEI’s expenditure based real GDP in chained 2012 dollars from 2017 to 2021.

TABLE 2 - REAL GDP, EXPENDITURE BASED (CHAINED 2021 DOLLARS), PRINCE EDWARD ISLAND, 2021

in $ millions (except per capita)        2017 2018 2019 2020 2021
Chained 2012 dollars          
 Final consumption expenditure $6,187 $6,337 $6,496 $6,425 $6,931
      Household final consumption expenditure $4,274 $4,369 $4,498 $4,361 $4,715
          Goods $2,144 $2,166 $2,202 $2,174 $2,356
                Durable goods $579 $567 $584 $574 $647
                Semi-durable goods $297 $301 $301 $281 $339
                Non-durable goods $1,267 $1,299 $1,318 $1,321 $1,371
           Services $2,129 $2,201 $2,293 $2,186 $2,359
      Non-profit institutions serving households' final consumption expenditure $81 $85 $88 $94 $96
      General governments final consumption expenditure $1,837 $1,888 $1,916 $1,970 $2,120
           
 Gross fixed capital formation $1,193 $1,210 $1,336 $1,381 $1,467
      Business gross fixed capital formation $920 $943 $1,039 $1,028 $1,107
          Residential structures $438 $460 $555 $583 $667
           Non-residential structures, machinery and equipment $429 $423 $418 $378 $370
               Non-residential structures $208 $209 $205 $202 $196
                Machinery and equipment $224 $217 $216 $180 $178
          Intellectual property products $54 $62 $70 $70 $71
      Non-profit institutions serving households' gross fixed capital formation $6 $7 $9 $11 $10
      General governments gross fixed capital formation $264 $257 $285 $342 $347
           
 Investment in inventories $21 $30 $58 -$146 -$47
       Of which: business investment in inventories $19 $33 $59 -$147 -$50
           Non-farm $25 $44 $23 -$133 -$166
           Farm -$5 -$9 $33 -$16 $90
           
 Exports of goods and services $2,998 $2,998 $3,070 $3,074 $3,310
      Exports to other countries $1,393 $1,415 $1,466 $1,459 $1,543
           Exports of goods to other countries $864 $806 $806 $884 $966
           Exports of services to other countries $535 $632 $692 $582 $573
      Exports to other provinces $1,599 $1,577 $1,597 $1,609 $1,761
           Exports of goods to other provinces $833 $807 $815 $858 $918
           Exports of services to other provinces $762 $768 $781 $744 $839
           
Less: imports of goods and services $4,155 $4,232 $4,324 $4,231 $4,624
      Imports from other countries $1,383 $1,433 $1,406 $1,259 $1,477
           Imports of goods from other countries $1,215 $1,251 $1,217 $1,118 $1,300
           Imports of services from other countries $168 $181 $187 $141 $177
      Imports from other provinces $2,770 $2,796 $2,920 $2,987 $3,155
           Imports of goods from other provinces $1,271 $1,264 $1,327 $1,373 $1,464
           Imports of services from other provinces $1,499 $1,532 $1,592 $1,613 $1,690
           
 Statistical discrepancy -$8 $7 $5 $5 $3
 Gross domestic product at market prices $6,170 $6,277 $6,562 $6,454 $6,965
 Final domestic demand $7,386 $7,554 $7,843 $7,818 $8,410
           
 Annual Growth in Gross Domestic Product (%) 4.7 1.7 4.5 -1.6 7.9
           
 Gross Domestic Product Per Capita (chained 2012 $) $41,982 $41,735 $42,778 $40,999 $43,173

Table 3 shows contributions to change2 in real GDP for 2020. Final consumption expenditure, the largest component of GDP, contributed 7.5 percentage points. Services added 2.6 percentage points to the increase of the final consumption expenditure component, while durable goods added 1.1 percentage points. Gross fixed capital formation contributed 1.4 percentage points. An increase in investment in inventories increased GDP growth by 1.3 percentage points in 2021. Exports of goods and services added 3.6 percentage points while imports3 of goods and services also increased, deducting 5.8 percentage points from GDP growth, for a total net loss of 2.2 percentage points for international and interprovincial trade.

TABLE 3 - REAL GDP, EXPENDITURE BASED, CONTRIBUTIONS TO PERCENT CHANGE,  PRINCE EDWARD ISLAND, 2021

Gross domestic product (GDP) 7.9 Gross Fixed Capital Formation 1.4
Final consumption expenditure 7.5     Business gross fixed capital formation 1.3
    Durable goods 1.1         Residential structures 1.4
    Semi-durable goods 0.8         Non-residential structures -0.1
    Non-durable goods 0.7         Machinery and equipment -0.0
    Services 2.6         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 2.4     General governments gross fixed capital formation 0.1
Exports of goods and services 3.6 Investment in inventories 1.3
   Exports to other countries 1.3     Non-farm -0.4
   Exports to other provinces 2.3     Farm 1.6
Deduct: Imports of goods and services 5.8 Statistical discrepancy -0.0
   Imports from other countries 3.4    
   Imports from other provinces 2.4 Final domestic demand 8.9

Nominal GDP

Growth in nominal GDP4 in 2021 far exceeded growth in real GDP in all provinces and territories. The national GDP implicit price index5 rose 8.2 per cent, reflecting widespread price increases in each province and territory. This was the largest increase in the GDP implicit price index since 1982.

PEI's GDP implicit price index rose 6.0 per cent in 2021, the largest increase since 1993. Consequently, nominal GDP increased 14.3 per cent, following nominal GDP growth of 1.4 per cent in 2020. By comparison, national nominal GDP increased 13.6 per cent, with Alberta recording the largest year-over-year increase in 2021 at 26.2 per cent. Table 4 shows the change in nominal GDP for Canada, the provinces and territories.

TABLE 4 - NOMINAL GDP CHANGE, CANADA, PROVINCES AND TERRITORIES, 2017 - 2021

  Nominal GDP Change (%) Nominal 2021 GDP
  (Current dollars)
Province/Territory 2017 2018 2019 2020 2021 $ millions
Newfoundland and Labrador 6.9 2.7 3.6 -10.0 17.7 37,927
Prince Edward Island 6.5 2.8 6.5 1.4 14.3 8,627
Nova Scotia 4.1 3.6 4.4 -0.0 10.9 51,925
New Brunswick 4.4 3.7 2.4 -1.6 13.8 42,608
Quebec 4.9 5.0 4.6 -1.9 11.8 504,455
Ontario 4.3 4.3 3.9 -2.9 10.3 956,707
Manitoba 5.9 2.9 1.7 -1.3 8.4 79,834
Saskatchewan 6.0 4.3 1.0 -7.6 13.1 88,315
Alberta 9.2 4.2 1.7 -15.7 26.2 374,486
British Columbia 7.0 5.4 3.9 -0.7 14.2 350,598
Yukon 3.4 3.8 2.8 5.4 14.3 3,704
Northwest Territories 4.0 1.8 -0.8 -11.2 19.8 4,966
Nunavut 17.4 4.5 13.1 17.7 11.1 4,686
Canada 5.7 4.4 3.5 -4.5 13.6 2,509,618

Notes:

1 Real gross domestic product (GDP) is GDP given in constant prices and refers to the volume level of GDP. Constant price estimates of GDP are obtained by expressing values of all goods and services produced in a given year, expressed in terms of a base period.

2 Contributions to percent change are presented as percentage points.

3 Imports are a deduction from GDP. An increase in imports results in a negative contribution to change.

4 Nominal gross domestic product (GDP) is GDP given in current prices, without adjustment for inflation.

5 The GDP implicit price index reflects the overall price of domestically produced goods and services.

 

Source: Statistics Canada.

Table 36-10-0222-01 Gross domestic product, expenditure-based, provincial and territorial, annual (x 1,000,000)

Table 36-10-0223-01 Implicit price indexes, gross domestic product, provincial and territorial

released November 8, 2022.

Related downloads for this release:

Annual GDP By Income and Expenditure report (246 KB)

 

 

 

Date de publication : 
le 10 Novembre 2022
Finances

Renseignements généraux

Ministère des Finances
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C.P. 2000
Charlottetown (Î.-P.-É.) C1A 7N8

Téléphone : 902-368-4040
Télécopieur : 902-368-6575

DeptFinance@gov.pe.ca