Gross Domestic Product (GDP) by Income and Expenditure

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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.

 

 

 

Date de publication : 
le 9 Novembre 2020
Finances

Renseignements généraux

Ministère des Finances
Immeuble Shaw, 2e étage (sud)
95, rue Rochford
C.P. 2000
Charlottetown (Î.-P.-É.) C1A 7N8

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

DeptFinance@gov.pe.ca