Revisions to the growth in GDP over the revision period were not substantial. Over the entire 1982 to 2011 period, the mean absolute revision to the annual nominal growth rate in GDP was 0.15 percentage points, while the mean absolute revision to the annual real growth rate in GDP was 0.14 percentage points.
In 2007 (the new base and reference year for the Canadian economic accounts), the nominal level of GDP was revised upward by $36.4 billion, or 2.4% of the previous estimate of GDP.
ActionForex – As a result of these changes, the level of GDP, in nominal terms, is 2.6% higher than previously reported in the second quarter of 2012. The most significant contributor to this upward revision was the inclusion of R&D expenditures and military weapons systems in business and government investment.
The revisions imply a slightly faster pace of growth in recent quarters. This greater momentum could prompt some upward revisions to 2012 GDP forecasts.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.