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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

November 29, 2022

Canada’s Real Gross Domestic Product (GDP) increased 2.9% (all figures seasonally adjusted at annual rates) in the third quarter of 2022. This was the fifth consecutive quarter of rising real GDP. Compared to pre-pandemic Q4 2019, the Canadian economy was 3.0% larger in Q3 2022.

Statistics Canada notes that growth in the quarter was moderated in exports, non-residential structures, and business investment in inventories. Household consumption, residential and government investments, and imports were down. Final domestic demand edged down in Q3 2022.

Household consumption growth decreased 1.0% in Q3, the first decline since Q2 2021. Widespread decline in goods spending accounted for much of the decrease.  Growth in services slowed down from Q2 to Q3.

Residential investment contracted for the second consecutive quarter, falling at a seasonally adjusted annualized rate of 15.4% as renovation activity and resale activities declined amid rising interest rates. Government investment also contracted, falling by 4.0%.

Expenditures on oil and gas facilities in British Columbia (LNG) and Alberta kept investment in engineering structures rising in Q3. Furthermore, there was $64 million disinvestment in weapon systems assets reflecting the continued military equipment aid to Ukraine in Q3 2022. This was the sixth consecutive quarterly increase in business investment for non-residential structures and machinery and equipment.  

Imports decreased by a seasonally adjusted annualized rate of 1.5% in Q3 because of declines in crude oil, natural gas, and nuclear fuel.

Exports grew by 8.6% on rising crude oil and bitumen, and farm and fishing products.

Inventory accumulation increased for the fourth consecutive quarter to $56.4 billion, a record high in additions to inventory. Statistics Canada reported that the largest increases were in manufacturing, wholesale trade and retail trade sectors.


The terms-of-trade (ratio of price of exports to price of imports) decreased in Q3 driven by lower crude oil and crude bitumen prices. 

The overall GDP deflator (reflects overall price of domestically produced goods and services) was down 5.4% on annualized basis with the lower energy prices, the first quarterly decline since Q2 2020.

Nominal GDP decreased at a seasonally adjusted annualized rate of 2.7% in Q3, following the 17.2% growth in Q2 2022. 

Employee compensation (measured in current prices, not real volumes) was up by a seasonally adjusted annualized rate of 5.0% in Q3. Statistics Canada noted that largest increases in compensation were in Manitoba, The Northwest Territories and Ontario.  

“At the end of September, tropical storm Fiona swept through the four Atlantic provinces and Quebec. This was the costliest and most destructive tropical storm to have hit Atlantic Canada; estimated insured damages totalled $660 million.”

Lower revenues for energy companies decelerated net operating surplus of corporations, thought it remained elevated. Net mixed income continued to increase in Q3.

Household disposable income was up at a seasonally adjusted annualized rate of 3.3%.  With slower growth in nominal household consumption expenditures, the household savings rate increased to 5.7% of disposable income in Q3.

Source: Statistics Canada. Gross domestic product, income and expenditure, second quarter 2020Table 36-10-0103-01 Gross domestic product, income-based, quarterly (x 1,000,000)Table 36-10-0104-01 Gross domestic product, expenditure-based, Canada, quarterly (x 1,000,000)Table 36-10-0111-01 Current and capital accounts - National, Canada, quarterly

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