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GDP (% Yearly Change) vs. Productivity (% Yearly Change)

Canadian Gross Domestic Product vs. Productivity Growth




Canadian Gross Domestic Product vs. Productivity
(Year to Quarter)
Quarter/Year GDP (% Change) Productivity (% Change)
I/2018
2.6
-0.6
II/2018
1.7
0
III/2018
1.9
1
IV/2018
1.6
0.3
I/2019
0.7
0.4
II/2019
1.8
0.3
III/2019
1.7
0.6
IV/2019
0.5
0.2
I/2020
-0.9
3.6
II/2020
-16.7
14.9
III/2020
-6.9
4.0
IV2020
-1.3
3.8
I/2021
0.3
-2.1
II/2021
5.7
-12.57
III/2021
3.9
-5.4
IV/2021
3.3
-4.8


* Revised from Final Report


If you haven't done so yet, we recommend that you review the section on how we suggest this data should be interpeted.


Economic Analysis

Unless otherwise stated all references to Gross Domestic Product (GDP) or Productivity is based on year to quarter data. For reasons of continuity and comparisons with previous plots, the limits on the present graph has remained the same as before even though the economic decline exceeds those limits. The data source is Statistics Canada

Productivity

Canadian Labour Productivity is down. This is not unexpected during recesssionary times due to Covid-19. The many reasons for this are beyond our ability to explain adequately. In most situations inside and outside of economics there is usualy more than one cause. As we said last quarter, some will believe it is caused by the lack of investment during the recession. Some will say it is a supply chain problem. Others attributed this to the fatigue of labour. It is probably all of them. There could be 101 dfferent combinations at play. Canadian Labour Productivity has been up and down for a long time. It should be looked at since productivity affects the cost of Canadian products. This is not very different from previous quarters.

Economy

The Canadian economy during the fourth quarter of 2021 advanced by 3.3% for the year to quarter. In the third quarter of 2021 the economy gained C$582,771.1 million over the third quarter of 2020, according to Statistics Canada. In the fourth quarter of 2021 the economy is again showing a gain of C$551,891 million from the fourth quarter of 2020. Since much of the economy is export driven, many industries will depend on the conditions in other countries. This is especially true for the United States. Recovery in the United States is coming along nicely. Barring supply chain problems, The Bank of Canada is bullish on a recovery and expects the Canadian economy to come roaring back quickly. It appears to be doing so.


Raymond D. Matkowsky


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