Canada Says GDP Grew 3% in 2017, Pares Gains for 2015 and 2016
(Bloomberg) --
Every Canadian province and territory added to national economic growth last year, the first time that's happened since 2010, while revisions pared growth estimates for 2015 and 2016.
National gross domestic product rose 3 percent in 2017, aided by a gain of 4.4 percent in Alberta, Statistics Canada said Thursday in a report on provincial economies.
The Ottawa-based agency also lowered the national growth figure to 1.1 percent from 1.4 percent in 2016, and to 0.7 percent from 1 percent for 2015.
- In 2017 British Columbia's economy grew 3.8%. Ontario and Quebec both gained 2.8%, with Quebec's gain the fastest since 2002
- National spending on durable goods like cars and furniture rose 7.1%, the fastest since 2002
- New information shows a wider growth slowdown in 2015 with 8 of 13 provinces and territories being revised down, StatsCan said. Growth in 2016 was revised down because incomes grew more slowly than first reported
- British Columbia's growth in 2017 included a 30% rise for investment in non-residential structures like oil and gas projects and a 0.4% fall in residential investment, the first decline after seven consecutive years of growth
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