One last economic tidbit for you to chew on

Statistics Canada just released a new study called The Alberta economic juggernaut. The study’s intent is to show the massive economic growth in that province.

In order to do that Stats Can looks at the other provinces as well.

Since 2000, guess who is dead last for GDP growth?

Since 2000, guess who is dead last for Final domestic demand (in chained 1997 dollars)?

There’s a bunch of tables in this report – I don’t have time to review them all but based on a cursory review, it would seem the only category where NB is doing well is average weekly wages. I can’t figure this one out but the 8,000 new public sector jobs and lucrative public wage increases might be driving this somewhat.

Bottom line? GDP growth has been dead last in Canada.

Click here for three summary tables.

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0 Responses to One last economic tidbit for you to chew on

  1. to it and at it says:

    Could you briefly explain “final domestic demand” for us non-economists?

  2. David Campbell says:

    Statistics Canada definition:

    The sum of personal expenditure on consumer goods and services, net government current expenditure on goods and services, government gross fixed capital formation and business gross fixed capital formation.

    http://www.statcan.ca/english/concepts/chainfisher/glossary.htm

    I’m actually not an ‘economist’ rather an ‘economic developer’ but this essentially means the demand in the economy less government spending (and business capital formation). So, as an example, according to Al Hogan, New Brunswick has kicked Nova Scotia’s arse since 2000. Well, on the two broadest measures of economic growth, Nova Scotia has kicked NB’s arse. Not that it matters in Al’s fantasy land because there, just like Alice in Wonderland, everything is backwards, upside down and inverted.

    Sorry, to slip in the Al Hogan bit.

    I am a bit surprised that the Libs didn’t work this more into their campaign. To be sure, they included all kinds of generalities such as ‘Make job creation a priority again’ but they were light on the facts. But then again, it’s probably hard to serve up GDP and ‘final domestic demand’ to the Grannies and Grampies in the Miramichi.

  3. Anonymous says:

    There are tons of issues that the liberals didn’t kick in. The primary reason is that they don’t want to win that bad. Liberals know that their policies won’t have that big an effect on the overall economy, although in small sectors it may do something.

    The actual definition of Final domestic demand is private consumption plus government consumption plus gross fixed investment. It’s quite important to make sure which definition is being used (I didn’t check the table)