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August 30, 2024CANADIAN ECONOMIC ACCOUNTS Q2 2024 
Canada’s Real Gross Domestic Product (GDP) grew 2.1% (all figures seasonally adjusted at annual rates) in the second quarter of 2024, following a 1.8% gain in Q1 2024.
Growth was broad based across almost all major expenditure categories with the exception of residential investment(-7.3%), offset by declining real exports. With a small decline in net exports, Canada's real GDP growth was driven primarily by domestic demand.
Household consumption growth increased at a seasonally adjusted annualized rate of 0.6% in Q2. The increase was led by higher spending on rental fees, as well as on food and electricity. Government consumption rose 6.0% in Q2 on higher wages.
Residential investment declined by 7.3% in Q2 2024 on lower spending on investment in new construction, renovations, and ownership transfer costs.
Non-residential investment rose 11.1% in Q2, on higher spending on machinery and equipment investment, particularly on aircraft and other transportation equipment and parts.
Government investment was up 11.0% in the second quarter of 2024.
Exports declined 1.8% in Q2 on weaker metals, light vehicle, and refined petroleum energy product exports. Imports declined by 0.5% led by lower imports of industrial machinery, commercial services, and refined peroleum energy products.
Investment in inventories was $25.7 billion in Q2, a 4.4% increase from Q1.
Nominal GDP increased at a seasonally adjusted annualized rate of 7.1% in Q2, growing substantially from the 0.3% pace set in Q1 2024.
The overall GDP deflator (reflects overall price of domestically produced goods and services) increased by 4.6% on annualized basis.
Employee compensation (measured in current prices, not real volumes) was up by a seasonally adjusted annualized rate of 6.6% in Q2. Growth was led by increased wages in health care and social assistance, educational services and finance and insurance. Statistics Canada notes that retroactive payments associated with arbitration decisions for Ontario's Teachers' Federations were a large contributor to wage growth in educational services.
Higher operating surplus for non-financial companies (15.1% annualized) was attributed to gains in the oil and gas industry. Net mixed income of unincorporated businesses was up 10.5% in Q2.
The household savings rate rose to 7.2% of disposable income in Q2 as rising disposable income outpaced increases in consumption.
Source: Statistics Canada. Table 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 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly
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