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CH A P T E R

Economic accounts

Economic output in Canada expanded


in 2011, although at a slower pace than
in 2010. Real GDP, the total value of all
goods and services adjusted for inflation,
rose 2.6% in 2011. This followed a 3.4%
rise in 2010 and a 3.0% decline in 2009.
In 2011, Canadians produced goods and
services valued at $1.27 trillion.
Ongoing uncertainty related to the
sovereign debt and banking crisis in Europe
affected global investor confidence. Also,
for much of the year, the Canadian dollar
was worth more than its US counterpart.
The main drivers of economic growth
were mining and oil and gas extraction,
construction, manufacturing and the public
sector (education, health services and
public administration combined).
Manufacturing sales for 2011 totalled
$571.2 billion, up 7.8% from 2010.
Sales rose in 14 of 21 industries, led by
machinery (19.8%), petroleum and coal
products (17.0%), primary metals (15.5%)
and miscellaneous manufacturing (10.7%).
Consumer prices rose at an annual
average rate of 2.9% in 2011, following a
1.8% increase in 2010. The faster growth
was largely attributable to higher prices for
gasoline and food.

Business investment largest


contributor to economic growth
Business investment in plant and equip
ment contributed the most to the growth in
GDP in 2011. Businesses increased
investments in non-residential structures
by 13.7%, well above the 2.8% rise in 2010.
In addition, investment in machinery and
equipment grew 4.7%. Investment in
housing slowed to 2.3% from 25.2%.
Final domestic demand rose 3.0%
in 2011 after increasing 4.5% in 2010.
Final domestic demand is the sum of
personal and net government spending
on consumer goods and services, as
well as gross fixed capital formation by
government and business.

120

Consumer spending increased 2.4%,


following a 3.3% rise in 2010. Purchases of
durable and semi-durable goods slowed
considerably in 2011.

Alberta led the provinces in


economic growth
Real GDP increased in every province and
territory except the Northwest Territories in
2011. Alberta and Saskatchewan led the
country in exploration, mining and related
construction activities.
In Alberta, GDP advanced 5.2% after a
3.3% increase in 2010. Higher energy prices
drove growth in oil and gas extraction,
construction of oil and gas engineering
projects and exploration services. Albertas
manufacturing output increased by 10.9%.
Saskatchewans GDP rose 4.8% after a
4.2% increase in 2010. Output of goodsproducing industries increased 5.9% while
services output advanced 3.8%.
In Manitoba, GDP increased 1.1%
in 2011 following a 2.2% gain in 2010.
Crop production GDP fell 21% as a result
of heavy rains and flooding. In British
Columbia, real GDP rose 2.9% following a
3.2% increase in 2010.
GDP in Quebec rose 1.7% in 2011
following a 2.5% increase in 2010.
Construction activity increased 4.1%
because of mine engineering work and, to
a lesser extent, residential construction.

To learn more about


balance of international payments,
Canadian economic accounts, capital
accounts, capital expenditures, financial
and wealth accounts, gross domestic
product, inputoutput accounts,
international investment position, leading
indicators, national balance sheet,
productivity accounts, tourism accounts

visit www.statcan.gc.ca

C a n a d a Ye a r B o o k 2 0 1 2 C a t a l o g u e n o . 1 1 - 4 0 2 -X

Economic accounts
In Ontario, GDP rose 2.0% in 2011
after a 3.2% increase in 2010. The main
sources of growth were metal ore mining
and exploration activity and higher
manufacturing output.
In Newfoundland and Labrador, GDP
increased 2.8% in 2011 after leading all
provinces in 2010 with a 5.8% increase.
Growth was largely attributable to an
increase in metal ore mining as well as in
non-residential and engineering construc
tion related to mining and oil projects.
In Prince Edward Island, GDP rose
1.1% in 2011 following a 2.7% increase in
2010. In Nova Scotia, GDP rose 0.3% in
2011 after increasing 1.6% in 2010. In New
Brunswick, GDP edged up 0.1% in 2011,
following a 3.0% increase in 2010.

GDP falls in NWT


In the Northwest Territories, GDP fell
5.5% in 2011 following a 1.3% increase
in 2010. Output of mining and oil and
gas extraction declined 12.9%, led by a
significant drop in diamond mining.

Table 9.a
International investment position
2009
2010
annual % change
-2.2
0.9

Total assets
Canadian direct
investment abroad
Canadian portfolio investment
Foreign bonds
Foreign stocks
Foreign money market

-3.2
-6.0
-6.9
-6.0
32.7

-0.7
-1.6
-4.6
-0.9
45.3

Source: Statistics Canada, CANSIM table 376-0037.

Nunavuts GDP increased 7.7% in 2011,


following an 11.3% rise in 2010. This was
the strongest growth in the country. Output
of gold and silver ore mining increased
with the second year of production at
the Meadowbank mine. The high price
of gold spurred exploration activity and
construction, with work on a new mine
underway.
In Yukon, GDP increased 5.6% in 2011
after growing 4.0% in 2010. Increases in
commodity prices led to gains in output
of support activities for mining and oil and
gas extraction.

Chart 9.1
Gross domestic product at basic prices, by province and territory
N.L.
2010
2011

P.E.I.
N.S.
N.B.
Que.
Ont.
Man.
Sask.
Alta.
B.C.
Y.T.
N.W.T.
Nvt.
-10

-5

annual % change

10

15

Note: Chained 2002 dollars.


Source: Statistics Canada, CANSIM table 379-0025.

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121

Chapter 9

Growth in labour productivity faster


in Canada than in the U.S.
For the first time since 2006, labour
productivity in Canadas business sector
increased in 2011 at a faster pace than it
did in the United States.
Labour productivity is a measure of
real GDP for each hour worked. Gains in
productivity occur when the production
of goods and services increases faster
than the volume of work dedicated to their
production.
In 2011, labour productivity in the
Canadian business sector increased 0.8%,
after rising 1.5% in 2010. In comparison,
productivity in the United States increased
0.2% for 2011, well below the 4.0%
increase the year before.
The gap in productivity between the
Canada and the United States in 2011
was mostly the result of differences in
the growth of economic output among

Underground economy estimated


at $36 billion
Canadas underground economy
everything from undeclared tips to underthe-table construction workwas estimated
at an upper limit of $36 billion in 2008.
From 1992 to 2008, the underground
economy increased 90%. During the
same period, the economy as a whole,
as measured by nominal GDP, more than
doubled (128%).
The underground economy represents
the extent of unreported productive
activities in the economy. The main reason
it has grown more slowly than GDP is
that industries traditionally considered to
be involved in underground activity are a
declining portion of the overall economy.
Those sectors of the economy less
affected by the underground economy are
growing relatively faster.

122

Chart 9.2
Economic performance of Canada relative to the
United States
Index 1997 Q1 = 100; Canada/United States
110
Real GDP per capita

105
100
95
90

Labour productivity

85
80
1997

2000

2003

2006

2009

2012

Source: Statistics Canada, Catalogue no. 11-626-X.

businesses. Although it slowed in both


countries in 2011, growth in real GDP was
higher among Canadian businesses (2.6%)
than among their American counterparts
(2.2%). The two countries had similar
increases in the number of hours worked.

Chart 9.3
Underground economy
% change, 1992 to 2008
140
120
100
80
60
40
20
0

Underground
economy

GDP

Source: Statistics Canada, CANSIM table 380-0002 and


Income and Expenditure Accounts Division.

In 2008, three sectors accounted for


nearly 60% of total value added of under
ground activities: construction (30%), retail
trade (16%) and accommodation and food
services (12%).

C a n a d a Ye a r B o o k 2 0 1 2 C a t a l o g u e n o . 1 1 - 4 0 2 -X

Economic accounts

INTERNATIONAL perspective
Chart 9.4
Gross Domestic Product per capita, by country, 2010
Luxembourg
Norway
United States
Switzerland
Netherlands
Australia
Ireland
Austria
Denmark
Sweden
Canada
Germany
Belgium
Finland
United Kingdom
Iceland
OECD
France
Japan

In 2010, Canadas GDP per capita rose

Spain

to $38,914 from $28,485 in 2000. The


OECD average GDP per capita rose to
$34,025 in 2010 from $24,359 in 2000.
In 2010, Canadas real GDP growth was
3.1%, compared with 2.9% in the United
States, 2.6% in Australia and 1.4% in
the United Kingdom. The OECD average
was 3.0%.
Canada has the 14th highest GDP in
the world and the 10th highest in the
OECD. (United States, China, Japan, India,
Germany, Russia, United Kingdom, France,
Brazil, Italy, Mexico, Spain, Korea, Canada)

Italy
New Zealand
Korea
Greece
Slovenia
Portugal
Czech Republic
Slovak Republic
Estonia
Hungary
Russia
Poland
Turkey
Mexico
0

10

20

30

40
50
$US (thousands)

60

70

80

90

Note: At current prices and purchasing power parity exchange rates.


Source: Data based on OECD (2011), OECD Factbook 2011-2012.

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Chapter 9
Table 9.1Gross domestic product, expenditure-based, by province and territory,
1996 to 2010
1996

1997

1998

1999

2000

2001

982,441
12,184
3,159
23,059
19,041
210,809
409,020
31,966
30,778
117,080
120,921
1,085
..
2,292
747
300

1,076,577
13,922
3,366
24,658
20,085
224,928
440,759
34,057
33,828
144,789
131,333
1,190
..
2,515
834
313

1,108,048
14,179
3,431
25,909
20,684
231,624
453,701
35,157
33,127
151,274
133,514
1,259
..
2,972
876
341

2000

2001

2002

$ millions
Canada
Newfoundland and Labrador
Prince Edward Island
Nova Scotia
New Brunswick
Quebec
Ontario
Manitoba
Saskatchewan
Alberta
British Columbia
Yukon
Northwest Territories (including Nunavut)
Northwest Territories
Nunavut
Outside Canada

836,864
10,417
2,823
19,512
16,626
180,526
338,173
28,434
28,944
98,634
108,865
1,128
2,525
..
..
257

882,733
10,533
2,800
20,368
16,845
188,424
359,353
29,751
29,157
107,048
114,383
1,107
2,691
..
..
273

914,973
11,176
2,981
21,401
17,633
196,258
377,897
30,972
29,550
107,439
115,641
1,087
2,652
..
..
286

Note: Dollar amounts in current prices.


Source: Statistics Canada, CANSIM table 384-0002.

Table 9.2Gross domestic product, income-based, 1997 to 2011


1997

1998

1999
$ millions

Gross domestic product at market prices


Net domestic product at basic prices
Wages, salaries and supplementary
labour income
Corporation profits before taxes
Government business enterprise profits
before taxes
Interest and miscellaneous investment
income
Accrued net income of farm operators
from farm production
Net income of non-farm unincorporated
business, including rent
Inventory valuation adjustment
Taxes less subsidies on factors of production
Taxes less subsidies on products
Capital consumption allowances
Statistical discrepancy

882,733
700,063

914,973
723,487

982,441
780,786

1,076,577
863,254

1,108,048
884,203

1,152,905
912,615

453,073
87,932

475,335
86,132

502,726
110,769

545,204
135,978

570,008
127,073

593,307
135,229

6,653

7,080

8,401

11,329

10,787

11,661

48,881

47,134

47,249

55,302

52,579

46,693

1,663

1,724

1,819

1,243

1,675

1,101

54,663
-623
47,821
66,025
116,574
71

57,936
-753
48,899
68,439
122,659
388

61,466
-2,317
50,673
72,747
128,999
-91

64,944
-2,439
51,693
76,647
137,425
-749

68,857
574
52,650
75,871
147,536
438

74,292
-3,584
53,916
84,139
155,567
584

Note: Dollar amounts in current prices.


Source: Statistics Canada, CANSIM table 380-0016.

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Economic accounts

2002

2003

2004

2005

2006

2007

2008

2009

2010

1,450,405
26,064
4,315
31,644
25,847
282,505
560,576
45,173
45,604
238,886
182,251
1,634
..
4,282
1,226
398

1,529,589
29,249
4,543
33,031
27,044
295,928
583,946
48,920
50,863
255,787
192,117
1,812
..
4,598
1,343
408

1,603,418
30,785
4,687
34,519
27,499
304,479
587,055
51,575
65,649
288,700
199,441
2,026
..
5,005
1,565
433

1,528,985
24,762
4,778
34,774
27,920
304,861
581,635
51,518
57,995
240,697
191,863
2,134
..
4,067
1,525
456

1,624,608
28,192
5,010
36,352
29,448
319,348
612,494
54,257
63,557
263,537
203,147
2,330
..
4,696
1,755
485

2007

2008

2009

2010

2011

$ millions
1,152,905
16,457
3,701
27,082
21,169
241,448
477,763
36,559
34,343
150,594
138,193
1,254
..
3,033
951
358

1,213,175
18,119
3,798
28,851
22,366
250,752
493,081
37,451
36,653
170,113
145,642
1,292
..
3,692
991
374

1,290,906
19,407
3,983
29,853
23,672
262,761
516,106
39,748
40,796
189,743
157,675
1,394
..
4,320
1,074
374

1,373,845
21,960
4,096
31,199
24,716
272,049
537,383
41,681
43,996
219,810
169,664
1,497
..
4,267
1,137
390

2003

2004

2005

2006

$ millions
1,213,175
967,051

1,290,906
1,033,888

1,373,845
1,104,878

1,450,405
1,169,911

1,529,589
1,233,670

1,603,418
1,299,791

1,528,985
1,216,467

1,624,608
1,296,816

1,720,748
1,375,377

621,003
144,501

657,249
168,219

695,093
186,585

743,392
197,286

784,885
200,943

818,563
223,001

814,707
149,087

849,618
180,723

889,487
208,614

12,604

12,815

15,293

14,805

15,493

15,697

14,986

15,559

16,525

49,989

54,020

61,421

66,404

71,589

82,640

64,401

70,039

73,794

1,439

2,897

1,210

-35

503

3,304

864

1,397

2,765

77,181
4,262
56,072
84,380
161,817
-73

81,313
-1,844
59,219
89,603
167,823
-408

84,024
-730
61,982
93,302
176,246
-581

86,785
-3,262
64,536
96,052
185,201
-759

89,908
2,449
67,900
98,816
196,346
757

91,371
-5,371
70,586
94,190
209,257
180

97,979
3,241
71,202
92,862
219,445
211

103,592
1,927
73,961
98,667
229,331
-206

108,822
-1,389
76,759
103,221
241,673
477

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Chapter 9
Table 9.3Gross domestic product, expenditure-based, 1997 to 2011
1997

1998

1999

2000

2001

2002

$ millions
Gross domestic product
at market prices
Personal expenditure on consumer
goods and services
Durable goods
Semi-durable goods
Non-durable goods
Services
Government current expenditure on
goods and services
Government gross fixed capital formation
Government inventories
Business gross fixed capital formation
Residential structures
Non-residential structures and equipment
Non-residential structures
Machinery and equipment
Business investment in inventories
Non-farm
Farm
Exports of goods and services
Goods
Services
Imports of goods and services
Goods
Services
Statistical discrepancy
Final domestic demand

882,733

914,973

982,441

1,076,577

1,108,048

1,152,905

510,695
67,988
44,939
123,143
274,625

531,169
71,325
47,262
126,253
286,329

560,884
77,693
49,548
132,959
300,684

596,009
81,958
52,115
143,264
318,672

620,614
84,930
54,565
150,305
330,814

655,722
92,085
57,052
158,399
348,186

171,756
20,104
5
154,737
43,519
111,218
43,872
67,346
8,174
9,174
-1,000
348,604
303,379
45,225
331,271
277,727
53,544
-71
857,292

179,317
20,046
-27
161,790
42,497
119,293
45,177
74,116
4,733
5,409
-676
379,203
327,160
52,043
360,871
303,395
57,476
-387
892,322

186,054
23,039
-3
171,431
45,100
126,331
47,229
79,102
4,990
4,951
39
424,258
369,037
55,221
388,303
327,026
61,277
91
941,408

200,084
24,524
24
181,748
48,572
133,176
49,826
83,350
11,505
11,355
150
490,688
429,375
61,313
428,754
362,337
66,417
749
1,002,365

211,706
27,287
13
189,978
55,133
134,845
52,966
81,879
-4,740
-3,745
-995
482,463
420,733
61,730
418,836
350,067
68,769
-437
1,049,585

224,428
28,589
-45
196,585
65,651
130,934
50,659
80,275
-2,674
-1,094
-1,580
479,185
414,034
65,151
428,301
356,728
71,573
-584
1,105,324

Note: Dollar amounts in current prices.


Source: Statistics Canada, CANSIM table 380-0017.

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Economic accounts

2003

2004

2005

2006

2007

2008

2009

2010

2011

$ millions
1,213,175

1,290,906

1,373,845

1,450,405

1,529,589

1,603,418

1,528,985

1,624,608

1,720,748

686,552
93,793
58,485
168,144
366,130

719,917
95,432
60,520
176,869
387,096

758,966
99,721
62,674
186,547
410,024

801,742
106,032
66,218
193,951
435,541

851,603
112,112
69,285
204,074
466,132

890,601
112,791
70,450
216,619
490,741

898,215
108,149
69,146
215,457
505,463

940,620
112,680
71,507
225,372
531,061

982,624
113,712
72,596
240,317
555,999

238,416
30,107
15
208,090
72,714
135,376
54,545
80,831
4,305
2,982
1,323
462,473
399,122
63,351
416,856
342,711
74,145
73
1,163,165

247,397
32,504
21
229,755
82,965
146,790
62,058
84,732
5,238
3,848
1,390
495,980
429,006
66,974
440,314
363,155
77,159
408
1,229,573

259,857
37,067
27
255,596
89,604
165,992
72,752
93,240
10,587
9,932
655
519,435
450,214
69,221
468,270
387,843
80,427
580
1,311,486

277,608
41,151
-41
283,382
98,214
185,168
85,236
99,932
9,403
10,130
-727
524,075
453,953
70,122
487,674
404,347
83,327
759
1,403,883

293,608
45,321
15
301,885
108,289
193,596
92,528
101,068
8,251
9,370
-1,119
534,718
463,123
71,595
505,055
415,683
89,372
-757
1,492,417

315,977
52,122
29
314,580
107,735
206,845
105,476
101,369
5,867
3,649
2,218
563,075
488,756
74,319
538,654
443,778
94,876
-179
1,573,280

337,735
57,137
-3
268,864
99,249
169,615
83,583
86,032
-6,951
-6,066
-885
439,527
369,345
70,182
465,328
374,082
91,246
-211
1,561,951

353,569
67,319
-31
291,161
112,692
178,469
88,702
89,767
2,286
3,301
-1,015
478,132
404,839
73,293
508,653
413,833
94,820
205
1,652,669

367,579
67,053
-32
320,369
118,464
201,905
104,088
97,817
4,714
6,130
-1,416
535,652
458,189
77,463
556,734
455,870
100,864
-477
1,737,625

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Chapter 9
Table 9.4Gross domestic product at basic prices, by industry, 1999 to 2011
1999

2000

2001

2002

2003

2004

$ millions chained 2002


All industries1
Goods-producing industries
Agriculture, forestry, fishing and hunting
Mining and oil and gas extraction
Utilities
Construction
Manufacturing
Services-producing industries
Wholesale trade
Retail trade
Transportation and warehousing
Information and cultural industries
Finance and insurance, real estate and renting,
and leasing and management of companies and
enterprises
Professional, scientific and technical services
Administrative and support, waste management
and remediation services
Educational services
Health care and social assistance
Arts, entertainment and recreation
Accommodation and food services
Public administration
Other services

974,405 1,026,242 1,040,943 1,068,765 1,091,378 1,124,999


26,193
50,000
28,982
49,053
171,923

26,268
51,519
29,050
51,757
188,925

24,674
51,236
27,384
55,542
181,084

23,293
53,488
28,883
57,775
182,736

25,478
54,979
29,057
59,871
181,349

27,669
55,672
28,993
63,453
184,814

49,396
49,437
46,603
31,617

52,519
52,579
48,921
34,007

53,438
55,234
50,176
36,498

55,226
58,483
50,066
38,229

57,767
60,515
50,270
38,631

59,990
62,666
52,169
40,813

181,851
41,845

189,181
46,307

196,769
47,453

202,959
48,481

207,544
50,797

215,074
52,099

20,934
50,162
63,754
9,333
23,804
56,674
23,335

21,809
50,394
65,968
9,718
24,544
57,968
24,627

22,820
50,675
67,198
10,142
24,950
59,705
26,101

24,853
51,593
68,142
10,398
25,408
61,523
27,230

25,722
52,566
70,324
10,365
24,881
63,314
27,894

27,363
53,764
71,589
10,791
25,656
64,085
28,729

Note: North American Industry Classification System (NAICS), 2002.


1. Aggregates are not always equal to the sum of their components from 1981 to 2001. This is caused by changing the set of relative
prices when a new base year is adopted.
Source: Statistics Canada, CANSIM table 379-0027.

128

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Economic accounts

2005

2006

2007

2008

2009

2010

2011

$ millions chained 2002


1,158,680

1,191,403

1,218,981

1,229,786

1,193,211

1,233,930

1,266,572

28,404
55,941
30,527
66,725
187,901

27,958
57,271
30,150
69,462
185,527

27,570
57,776
31,598
72,330
181,348

30,008
56,538
33,044
74,875
171,785

28,082
52,125
32,191
68,011
150,431

28,486
54,967
32,624
73,467
158,326

29,058
57,400
34,061
76,515
162,157

63,662
64,841
55,235
42,039

66,839
68,822
56,829
43,583

70,107
71,733
57,708
44,568

69,628
73,293
57,884
44,940

65,268
72,774
55,338
44,848

68,822
75,634
57,569
45,240

70,748
77,239
59,757
45,919

222,677
53,873

232,289
57,030

240,577
59,246

245,547
60,209

251,128
59,623

257,488
59,948

264,178
61,567

28,555
55,292
72,735
10,651
25,982
65,115
29,633

29,539
57,008
74,468
10,826
26,141
67,452
30,514

30,799
58,413
76,715
11,087
26,531
69,136
31,442

31,025
60,140
78,715
11,215
26,846
71,447
32,039

29,860
61,219
80,888
11,272
26,094
73,742
31,920

30,329
62,539
82,761
11,359
26,611
75,390
32,329

30,748
63,150
84,480
11,227
27,341
76,371
33,094

S t at i s t i c s C a n a d a w w w. s t atc a n . g c . c a

129

Chapter 9
Table 9.5Canadas balance of international payments, 1997 to 2011
1997

1998

1999

2000

2001

2002

531,961
489,090
429,372
59,718
36,755
6,116
502,692
427,836
362,337
65,500
69,863
4,992
29,269
61,254
67,036
-5,782
-33,109
1,124
5,314
-27,070
-142,039
-66,352
-63,927
-3,963
-59,965
..
-11,759
-5,126
3,973
-5,480
-5,125
114,969
99,198
14,598
-21,458
35,232
824
1,173
3,396
-962
-1,261
-7,514

513,754
480,795
420,730
60,065
25,990
6,968
488,649
417,945
350,071
67,874
65,320
5,384
25,104
62,850
70,659
-7,809
-39,330
1,584
5,752
-21,375
-113,930
-55,800
-37,573
-1,920
-35,653
..
-20,556
-8,051
-2,172
-3,353
-6,980
92,555
42,844
37,779
41,002
4,125
-7,349
11,932
-5,941
23,716
-5,843
-9,481

514,913
477,522
414,039
63,483
30,502
6,890
495,135
427,434
356,727
70,707
60,799
6,902
19,778
50,088
57,311
-7,224
-30,297
-12
4,936
-22,144
-83,631
-42,015
-29,319
-6,229
-21,253
-1,837
-12,297
-8,587
5,844
298
-9,851
61,487
34,769
18,599
18,297
-1,531
1,833
8,119
1,400
13,565
-6,846
-2,570

$ millions
Current account
Receipts
Goods and services
Goods
Services
Investment income
Transfers
Payments
Goods and services
Goods
Services
Investment income
Transfers
Balance
Goods and services
Goods
Services
Investment income
Transfers
Capital account, net flow
Financial account, net flow1
Canadian assets, net flow
Canadian direct investments abroad
Canadian portfolio investments
Foreign portfolio bonds
Foreign portfolio stocks
Foreign money market
Other Canadian investments
Loans
Deposits
Official international reserves
Other assets
Canadian liabilities, net flow
Foreign direct investments in Canada
Foreign portfolio investments
Canadian portfolio bonds
Canadian portfolio stocks
Canadian money market
Other foreign investments
Loans
Deposits
Other liabilities
Statistical discrepancy

385,415
347,134
303,378
43,755
33,252
5,029
396,812
330,346
277,727
52,619
62,133
4,333
-11,397
16,788
25,652
-8,864
-28,882
697
7,508
8,256
-62,546
-31,937
-11,849
-6,642
-5,207
..
-18,760
-18,923
-2,898
3,389
-328
70,803
15,958
16,181
6,166
7,645
2,369
38,664
1,873
34,106
2,685
-4,367

414,777
377,385
327,162
50,223
32,338
5,054
426,140
359,947
303,399
56,549
61,965
4,228
-11,363
17,438
23,763
-6,325
-29,627
826
4,934
-405
-67,161
-50,957
-22,497
-7,064
-15,433
..
6,292
12,637
-6,225
-7,452
7,332
66,757
33,828
24,779
10,337
14,311
130
8,149
3,181
3,375
1,593
6,833

461,219
422,670
369,035
53,636
32,905
5,644
458,649
387,298
327,026
60,272
66,518
4,834
2,570
35,373
42,009
-6,636
-33,613
810
5,049
-17,531
-41,946
-25,625
-23,101
-2,477
-20,623
..
6,780
2,680
10,592
-8,818
2,326
24,415
36,762
3,738
2,602
14,346
-13,209
-16,086
6,641
-24,103
1,377
9,912

1. A minus sign denotes an outflow of capital resulting from an increase in claims to non-residents or a decrease in liabilities to
non-residents.
Source: Statistics Canada, CANSIM tables 376-0001 and 376-0002.

130

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Economic accounts

2003

2004

2005

2006

2007

2008

2009

2010

2011

642,271
561,238
488,754
72,484
70,453
10,580
636,995
537,825
443,777
94,048
87,655
11,514
5,276
23,413
44,977
-21,564
-17,202
-935
4,579
-6,550
-112,995
-85,143
11,653
14,354
-7,913
5,212
-39,504
-776
-38,724
-1,711
1,707
106,445
61,010
31,130
17,259
2,746
11,125
14,304
5,016
10,495
-1,206
-3,305

501,880
437,636
369,343
68,292
55,528
8,716
547,116
464,508
374,081
90,427
71,156
11,452
-45,236
-26,873
-4,738
-22,135
-15,628
-2,736
3,830
41,920
-106,918
-47,627
-8,727
9,030
-15,911
-1,847
-50,563
-17,442
-19,246
-11,618
-2,257
148,838
24,469
111,498
84,571
26,246
681
12,870
-9,659
13,878
8,651
-513

547,141
476,086
404,834
71,252
61,794
9,261
598,005
507,844
413,833
94,011
78,230
11,932
-50,864
-31,757
-8,999
-22,759
-16,436
-2,671
4,758
44,949
-106,482
-39,749
-14,535
1,379
-13,472
-2,442
-52,199
-16,424
-11,761
-3,989
-20,024
151,431
24,119
117,429
96,112
18,179
3,138
9,883
8,613
125
1,145
1,158

608,556
533,489
458,191
75,298
66,352
8,714
656,949
555,903
455,874
100,030
89,042
12,004
-48,394
-22,414
2,318
-24,732
-22,690
-3,290
4,818
51,025
-110,485
-49,050
-18,331
5,888
-26,255
2,036
-43,104
-14,629
-29,105
-8,061
8,691
161,510
40,503
97,335
44,177
21,136
32,021
23,672
-1,175
22,561
2,286
-7,450

$ millions
496,899
460,903
399,122
61,781
29,253
6,743
482,250
416,011
342,710
73,302
59,284
6,955
14,649
44,892
56,413
-11,521
-30,031
-212
4,225
-19,935
-67,724
-32,118
-19,054
-7,974
-7,699
-3,381
-16,553
7,614
-19,286
4,693
-9,574
47,789
10,483
19,714
7,870
13,491
-1,646
17,592
2,192
18,304
-2,904
1,062

539,637
494,387
429,006
65,381
38,095
7,155
509,800
439,575
363,158
76,417
62,399
7,825
29,837
54,811
65,848
-11,037
-24,304
-670
4,437
-37,246
-87,065
-56,395
-24,369
-15,290
-8,092
-987
-6,300
3,444
-10,661
3,427
-2,510
49,819
-579
54,550
19,238
35,742
-429
-4,152
-2,032
-531
-1,589
2,973

575,612
517,809
450,210
67,599
49,768
8,035
549,710
467,492
387,838
79,654
72,685
9,533
25,902
50,317
62,372
-12,055
-22,917
-1,498
5,905
-29,255
-110,460
-33,370
-53,455
-29,488
-21,878
-2,089
-23,635
7,325
-15,817
-1,653
-13,489
81,205
31,132
13,136
3,481
9,133
522
36,937
5,992
28,951
1,994
-2,552

598,428
522,338
453,952
68,386
66,528
9,563
577,938
486,866
404,345
82,521
80,049
11,023
20,490
35,472
49,606
-14,135
-13,521
-1,460
4,202
-26,969
-166,967
-52,423
-78,668
-43,761
-28,107
-6,800
-35,877
-11,819
-9,002
-1,013
-14,043
139,998
68,395
31,089
16,564
10,814
3,711
40,514
19,635
20,389
491
2,277

619,352
532,924
463,120
69,804
76,931
9,497
606,580
504,277
415,683
88,593
90,800
11,504
12,772
28,648
47,437
-18,790
-13,869
-2,007
4,233
-18,906
-177,021
-62,003
-48,426
-28,902
-30,946
11,422
-66,592
-10,860
-42,198
-4,644
-8,890
158,115
123,148
-31,096
12,042
-41,994
-1,143
66,062
12,617
48,566
4,879
1,901

S t at i s t i c s C a n a d a w w w. s t atc a n . g c . c a

131

Chapter 9
Table 9.6National balance sheet, market value, 1997 to 2011
1997

1998

1999

2000

2001

2002

11,308,573
3,564,334
906,034
920,032
387,713
292,519
194,775
863,261
-162,203
7,744,239
47,801
753,173
68,843
172,093
357,802
544,082
246,556
810,409
36,768
413,167
1,494,757
868,874
194,366
984,413
211,106
576,797
11,308,573
7,906,442
766,005
93,582
172,093
363,233
544,397
274,310
1,189,216
36,768
0
2,189,841
356,884
194,366
984,413
211,065
567,037
3,402,131

11,748,672
3,737,307
958,361
946,214
408,142
308,021
190,419
926,150
-144,178
8,011,365
53,327
798,028
86,488
187,131
360,605
571,944
261,887
844,404
36,499
424,486
1,406,100
976,178
206,288
979,171
214,873
640,455
11,748,672
8,155,543
814,268
110,309
187,131
361,015
572,266
283,012
1,281,623
36,499
0
2,117,604
399,148
206,288
979,171
219,593
624,115
3,593,129

12,155,289
3,965,790
1,031,276
976,364
421,169
330,846
192,381
1,013,754
-196,611
8,189,499
56,230
843,327
99,598
204,792
382,835
601,957
268,767
882,726
34,780
387,390
1,338,879
1,063,854
211,297
982,695
220,682
644,470
12,155,289
8,386,110
857,309
120,120
204,792
377,615
602,323
293,592
1,355,383
34,780
0
2,079,787
440,710
211,297
982,695
227,139
633,348
3,769,179

$ millions
Assets
Non-financial assets
Residential structures
Non-residential structures
Machinery and equipment
Consumer durables
Inventories
Land
Net financial assets
Financial assets
Official reserves
Canadian currency and deposits
Foreign currency and deposits
Consumer credit
Loans
Mortgages
Short-term paper
Bonds
Savings bonds
Foreign investments
Shares
Corporate claims
Government claims
Life insurance and pensions
Trade accounts receivable
Other assets
Liabilities and net worth
Liabilities
Canadian currency and deposits
Foreign currency and deposits
Consumer credit
Loans
Mortgages
Short-term paper
Bonds
Savings bonds
Foreign investments
Shares
Corporate claims
Government claims
Life insurance and pensions
Trade accounts payable
Other liabilities
Net worth

9,270,201
3,077,380
798,876
818,984
316,413
246,692
158,782
737,633
-297,027
6,192,821
25,705
672,755
83,313
132,826
297,459
478,715
198,619
716,626
40,944
248,135
1,060,305
645,998
127,675
809,590
171,371
523,729
9,270,201
6,489,848
682,172
110,575
132,826
304,946
479,026
238,853
1,110,177
40,944
0
1,540,149
288,752
127,675
809,590
171,156
493,951
2,780,353

9,811,488
3,218,515
829,677
845,979
343,059
258,923
170,248
770,629
-301,124
6,592,973
35,920
674,923
93,760
144,189
327,511
497,928
206,149
747,688
39,535
290,208
1,125,522
734,715
138,481
871,037
177,799
527,143
9,811,488
6,894,097
684,908
120,232
144,189
338,521
498,252
247,036
1,185,572
39,535
0
1,653,050
331,966
138,481
871,037
175,277
505,576
2,917,391

10,663,468
3,382,306
871,382
875,800
362,083
277,357
179,202
816,482
-207,985
7,281,162
41,463
726,054
106,853
158,245
343,514
519,765
246,069
752,274
38,704
385,898
1,391,388
748,271
178,467
936,335
193,695
552,871
10,663,468
7,489,147
737,200
124,102
158,245
354,385
520,095
273,535
1,149,209
38,704
0
2,003,387
324,638
178,467
936,335
191,070
538,479
3,174,321

Source: Statistics Canada, CANSIM table 378-0049 and Catalogue no. 13-022-X.

132

C a n a d a Ye a r B o o k 2 0 1 2 C a t a l o g u e n o . 1 1 - 4 0 2 -X

Economic accounts

2003

2004

2005

2006

2007

2008

2009

2010

2011

18,746,332
6,113,181
1,668,769
1,502,065
466,181
402,593
240,793
1,832,780
-26,472
12,633,151
51,364
1,392,262
205,056
378,734
575,230
1,034,881
401,348
1,322,626
15,676
583,296
1,870,367
1,832,400
295,732
1,315,968
286,051
1,087,836
18,746,332
12,659,623
1,417,330
180,845
378,734
573,580
1,035,390
434,098
1,788,327
15,676
0
3,177,673
712,136
295,732
1,315,968
295,153
1,054,657
6,086,709

19,948,232
6,265,920
1,697,729
1,534,441
487,131
412,366
228,307
1,905,946
-80,914
13,682,312
56,011
1,462,287
214,198
413,055
546,017
1,098,538
346,605
1,478,431
15,186
645,068
2,303,438
1,888,980
356,189
1,469,153
289,097
1,115,245
19,948,232
13,763,226
1,488,188
159,975
413,055
532,824
1,099,023
378,281
1,999,743
15,186
0
3,758,778
735,191
356,189
1,469,153
288,623
1,084,203
6,185,006

21,046,343
6,510,046
1,801,020
1,588,577
459,426
426,831
229,509
2,004,683
-185,384
14,536,297
55,248
1,554,016
257,211
435,592
560,964
1,180,634
333,863
1,589,327
13,638
690,701
2,609,697
1,917,934
373,737
1,564,286
303,182
1,109,905
21,046,343
14,721,681
1,581,262
191,716
435,592
538,462
1,181,107
368,175
2,195,780
13,638
0
4,155,585
757,013
373,737
1,564,286
301,866
1,077,100
6,324,662

21,725,249
6,829,925
1,905,593
1,681,043
451,246
441,242
242,389
2,108,412
-236,898
14,895,324
63,887
1,662,603
300,679
452,051
589,020
1,260,714
298,617
1,667,344
12,181
692,199
2,424,792
2,043,175
388,711
1,579,221
313,892
1,158,419
21,725,249
15,132,222
1,692,167
254,547
452,051
550,928
1,261,018
364,781
2,337,749
12,181
0
4,028,134
789,129
388,711
1,579,221
321,297
1,112,489
6,593,027

$ millions
12,882,008 13,983,191 15,363,956 16,999,717 18,298,846
4,167,500 4,484,603 4,826,663 5,286,626 5,732,078
1,122,515 1,215,645 1,317,325 1,470,715 1,593,218
1,015,034 1,087,921 1,149,052 1,250,471 1,362,498
401,783
399,822
412,173
426,644
441,785
345,088
359,267
374,606
387,202
399,905
187,661
194,129
206,505
219,401
226,476
1,095,419 1,227,819 1,367,002 1,532,193 1,708,196
-194,028
-175,306
-114,661
30,026
-32,780
8,714,508 9,498,588 10,537,293 11,713,091 12,566,768
45,689
40,314
38,029
40,960
40,593
887,927
975,412 1,060,833 1,141,800 1,257,010
89,391
94,779
107,659
140,178
180,414
225,221
254,419
282,716
310,736
345,995
379,031
405,521
416,928
460,662
515,089
640,838
699,710
769,247
849,789
944,895
265,047
273,540
312,099
346,030
357,522
915,634
952,211 1,040,871 1,118,664 1,184,341
34,131
30,023
25,806
21,211
17,873
427,728
458,813
549,851
735,823
764,016
1,555,015 1,794,226 2,096,580 2,352,321 2,517,308
1,075,689 1,165,423 1,268,343 1,389,378 1,505,256
208,916
205,961
209,524
218,394
227,950
1,058,426 1,156,511 1,269,051 1,394,755 1,464,390
226,005
232,784
254,853
266,092
278,043
713,951
788,964
860,709
947,509
983,946
12,882,008 13,983,191 15,363,956 16,999,717 18,298,846
8,908,536 9,673,894 10,651,954 11,683,065 12,599,548
902,157
991,640 1,077,072 1,162,690 1,277,552
107,519
103,666
116,274
133,089
170,648
225,221
254,419
282,716
310,736
345,995
376,918
406,784
411,653
448,106
513,571
641,194
700,061
769,793
850,331
945,357
285,297
292,466
331,946
368,276
378,184
1,338,573 1,377,901 1,448,739 1,544,430 1,577,865
34,131
30,023
25,806
21,211
17,873
0
0
0
0
0
2,406,760 2,747,544 3,157,667 3,514,445 3,835,153
427,029
434,054
483,763
547,049
616,927
208,916
205,961
209,524
218,394
227,950
1,058,426 1,156,511 1,269,051 1,394,755 1,464,390
227,310
229,735
251,228
264,305
281,950
703,216
773,152
842,528
926,459
964,006
3,973,472 4,309,297 4,712,002 5,316,652 5,699,298

S t at i s t i c s C a n a d a w w w. s t atc a n . g c . c a

133

Chapter 9
Table 9.7Canadas international investment position, 1997 to 2011
1997

1998

1999

2000

2001

2002

827,578
356,506
209,212
35,640
173,572
..
261,860
60,520
-10,970
101,448
47,801
63,060
1,036,415
319,116
487,517
372,440
87,116
27,961
229,781
60,675
147,751
21,356
-208,837

921,976
399,253
239,762
38,870
200,892
..
282,962
68,402
-11,851
108,929
53,327
64,155
1,125,414
340,429
526,178
427,228
77,487
21,463
258,806
56,035
181,055
21,716
-203,437

979,184
435,494
270,775
45,392
216,307
9,076
272,915
71,731
-11,918
99,056
56,230
57,817
1,187,876
356,819
554,975
449,072
80,617
25,285
276,082
58,772
195,036
22,275
-208,692

$ millions
All assets
Canadian direct investments abroad
Canadian portfolio investments
Foreign bonds
Foreign stocks
Foreign money market
Other Canadian investments
Loans
Allowances
Deposits
Official international reserves
Other assets
All liabilities
Foreign direct investments in Canada
Foreign portfolio investments
Canadian bonds
Canadian stocks
Canadian money market instruments
Other foreign investments
Loans
Deposits
Other liabilities
Net international investment position

599,483
218,607
130,366
26,586
103,780
..
250,510
70,638
-10,327
102,104
25,705
62,391
889,707
194,277
459,801
367,898
51,402
40,501
235,629
51,676
165,357
18,596
-290,224

686,347
262,909
157,405
33,254
124,151
..
266,033
60,459
-10,802
118,449
35,921
62,006
986,008
219,389
511,384
405,772
64,344
41,269
255,235
55,402
180,685
19,148
-299,661

717,346
290,730
179,774
30,734
149,040
..
246,842
56,011
-10,945
101,680
41,463
58,634
961,024
252,563
486,138
389,392
69,070
27,675
222,323
57,002
144,757
20,564
-243,677

Note: Data are as of December 31.


Source: Statistics Canada, CANSIM table 376-0037.

134

C a n a d a Ye a r B o o k 2 0 1 2 C a t a l o g u e n o . 1 1 - 4 0 2 -X

Economic accounts

2003

2004

2005

2006

2007

2008

2009

2010

2011

1,494,641
642,026
426,306
144,981
277,837
3,488
426,309
93,509
..
226,773
51,364
54,663
1,542,927
542,732
592,554
458,873
98,782
34,899
407,640
81,688
301,616
24,337
-48,285

1,461,121
621,181
400,802
134,958
261,214
4,629
439,139
103,480
..
225,020
56,012
54,627
1,571,551
547,578
641,582
497,823
110,872
32,887
382,390
67,832
282,450
32,109
-110,429

1,474,640
616,689
394,272
128,782
258,766
6,725
463,679
109,560
..
225,765
55,248
73,105
1,670,852
561,616
730,914
575,122
120,233
35,559
378,321
78,586
268,392
31,343
-196,212

1,615,662
684,496
410,042
127,132
278,135
4,775
521,125
124,419
..
259,036
63,886
73,783
1,829,801
607,497
818,612
620,070
130,764
67,778
403,691
74,095
296,143
33,453
-214,138

$ millions
921,148
412,217
253,788
45,809
197,025
10,953
255,143
50,695
..
103,583
45,690
55,174
1,137,847
373,685
507,150
401,050
84,712
21,388
257,012
52,398
183,125
21,489
-216,699

952,790
448,546
265,411
58,560
195,773
11,079
238,832
49,468
..
109,442
40,315
39,607
1,143,215
379,450
521,898
402,236
100,042
19,621
241,867
44,149
175,978
21,740
-190,425

996,411
452,195
292,213
82,332
196,825
13,055
252,003
45,924
..
120,813
38,030
47,236
1,161,336
397,828
502,243
387,928
93,532
20,783
261,265
38,219
201,025
22,021
-164,925

1,181,703
518,839
371,358
124,029
227,364
19,966
291,507
72,823
..
132,220
40,959
45,505
1,272,587
437,171
531,240
410,020
96,705
24,515
304,177
55,708
226,781
21,687
-90,884

1,211,875
513,140
384,214
150,275
226,427
7,511
314,521
77,825
..
157,894
40,593
38,209
1,341,673
510,139
498,813
384,694
92,119
21,999
332,722
61,825
243,518
27,380
-129,799

S t at i s t i c s C a n a d a w w w. s t atc a n . g c . c a

135