Friday, March 29, 2024

Every province sees increase in real GDP growth for first time in 11 years

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Every province in Canada saw an increase in real GDP growth in 2017 for the first time since 2011, according to a report from Stats Canada.

Nationally, real GDP by industry rose 3.3% in 2017, the strongest pace of growth since 2011.

Alberta posted the highest real GDP growth rate among the provinces at 4.9%, following declines in 2015 and 2016.

Economic growth in British Columbia, meanwhile, outpaced the national average for a fourth consecutive year at 3.9%. Good for us!

Every province saw an increase in its real gross domestic product last year. Of the territories, only the Yukon saw a decrease. (Statistics Canada)

According to the report, contribution to the province’s real GDP growth from services-producing industries (+3.6%) was more than twice that of goods-producing industries (+5.1%).

The construction sector contributed most to the growth among goods-producing industries, rising 9.9%. Engineering construction was up 48.7% due to oil and gas engineering construction.

A 3.2% rise in real estate and rental leasing, however, was tempered by a 6.5% drop in offices of real estate agents and brokers and activities related to real estate.

The decrease, which follows double-digit increases in 2014, 2015, and 2016, was due in part to the implementation of an additional 15% property tax on residential real estate property purchases by non-Canadian citizens or non-permanent residents in Metro Vancouver in August 2016.

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Myles Sauer
Former staff editor and writer at Victoria Buzz.

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