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May 31, 2018CANADIAN ECONOMIC ACCOUNTS Q1 2018 
Real gross domestic product (GDP) grew 1.3 per cent (all figures seasonally adjusted at annual rates) in Canada in the first quarter, following on 1.7 per cent in each of the previous two quarters. Final domestic demand was up by 2.1 per cent.
Growth in household final consumption slowed for the third consecutive quarter to 1.1 per cent in Q1 2018, growth was at the slowest pace since 2015 Q1. Good outlays were essentially unchanged after eleven consecutive quarters of growth. Services growth was up 2.1 per cent.
Residential structures decreased 7.2 per cent due to a decline in ownership transfers costs. The decline in housing investment was the largest since Q1 2009, as there was lower resale activity after new mortgage stress measures were introduced nationwide in January. New construction and renovations activity increased in the quarter. Investment in non-residential structures (+6.3%) increased in Q1 and machinery and equipment investment (+18.1%) rose on investments in trucks and industrial machinery.
Export growth slowed with a gain of 1.7 per cent in Q1 following growth of 3.9 per cent last quarter. Export of services had growth of 6.8 per cent driven by commercial and travel services. The volume of good exports was up 0.6 per cent with growth in crude oil and motor vehicles offsetting lower refined petroleum energy products. Imports increased 4.9 per cent in Q1 2018.
Inventories continued to accumulate with Canadian businesses adding $15.2 billion in inventories following on accumulation of $15.9 billion in Q4 2017. Retailers, wholesalers and manufactures all added to their stocks. The economy-wide stock-to-sales ratio increased from 0.760 to 0765.
The overall price level of goods and services produced in Canada (the GDP implicit price index) increased 1.4 per cent in the first quarter after rising 4.2 per cent in Q4 2017. Canada's terms of trade improved with export prices rising at a faster pace than import prices. Nominal GDP increased 2.6 per cent in the quarter. On an annualized basis, compensation of employees increased 4.0 per cent and corporate net operating surplus was up 4.4 per cent. The household saving rates edged down by 0.1 percentage points to 4.4 per cent.
CANSIM Table 380-0064
CANSIM Table 380-0063
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