3 macroeconomic Goals (2 problems: Inflation / Recession) *Updated: June 01, 2021

Most
Indicator Goal
Macroeconomic recent*
Indicator Formula Goal Tolerance
Goal: Canadian
(Reference) (Max./Min.)
Indicator:
Positive
Growth
+ GDP Real
To achieve a
Average Needs to growth rate:
HIGH and GDP Growth
GDPr ( new )−GDPr (old ) Expected be positive
SUSTAINED Rate
%ΔGDPr= x 100 OECD and
0.30%
ECONOMIC GDPr (old) Sustainable (1Q21)
growth
GROWTH %Δ GDPr 1.71.0%
rate Over Time
OECD: (4Q19)
Econ. Growth
-5.3%
(4Q20)
Inflation
Rate:
Inflation (deflation)
PRICE STABILITY Price of the Market Basket ∈Year X Rate
(Low, stable and CPI= x 100 Goal: 2.0% +/-
Inflation Rate Price of the Market Basket∈Base Year +3.4%
predictable level 1.0%
of consumer 2.00% (Apr.2021)
prices) %Δ in CPI CPI ( new )−CPI (old)
%Δ PL %Δ PL= x 100 (Bank of (Max: 3.0 CPI: 140.3
CPI (old ) Canada) Min: 1.0)
-Low Inflation -0.20%
(Apr.2020)
CPI: 135.7
Unempl.
Natural Rate:
A FULL Natural
EMPLOYMENT Rate of
Unemployment ¿ of Unemployed population Rate of 8.10%
(Nf) level of UN %= x 100 Unemplo
Rate Unemploy (Apr.2021)
UNEMPLOYMENT ¿ people on thelabour force yment
(UN)
ment
(NRU)
UN% (NRU) 13.1%
6.0% to
-Nf/UN 6% to 7%
7.0% (Apr.2020)
 Canada: Macroeconomic Indicators
Macroeconomic Indicator Old Period New Period
Economic Growth
GDP Nominal (x1000) $ 2,270,420 1Q20 $ 2,414,348 1Q21

GDP Real (x1000) 2012=100 $ 2,071,033 1Q20 $ 2,077,771 1Q21

GDP Index (implicit) 2012=100 108.70 1Q20 114.50 1Q21

GDP Growth (Rate % Calculated) -0.45% 1Q20 0.33% 1Q21

Output Gap (% of GDP) -2.80% Q120 -3.4% 1Q21

Canada (Real GDP forecast/OECD) 1.4% 0 -6.8% 2021

OECD (Real GDP forecast) 1.6% 0 -5.3% 2020

Population (million people) 37.324 Dec.19 38.049 Dec.2020

GDP Per Capita $ 55,488 Q4 / 2019 $ 54,608 Dec.2020

GDP Per Capita (annual % change) Q4 / 2019 -1.58% Dec.2020

Inflation
CPI Index (index) 2002=100 135.70 Apr.20 140.30 Apr.21

Inflation Rate (%) 2002=100 -0.20% Apr.20 3.4% Apr.21

Bank of CanadaTarget for Inflation 2.0% , +/- 1.0% (Max. 3.0% / Min. 1.0%)
Unemployment
population +15yrs (million) 30,994.30 Apr.20 31,251.60 Apr.21

Labour Force (x1000 people) 18,585.40 Apr.20 20,267.50 Apr.21

Employed (x1000 people) 16,141.60 Apr.20 18,627.20 Apr.21

Unemployed (x1000 people) 2,443.90 Apr.20 1,640.30 Apr.21

Unemployment rate (%) 13.10 Apr.20 8.10 Apr.21

Natural Rate of Unemployment Min. 6% to Max. 7%
Last date modified: 2021-06-01