Canada Revises GDP Statistics upwards by 2.6%

Statistics Canada revised Canada’s historical GDP statistics from 1981 to 2012

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.

Canada’s population should pass 35 million by the end of 2012

Canada’s GDP in Q2 2012 is C$1.81 trillion

The Canadian dollar has been close to trading on par with the US dollar. Fluctuating between being worth 97 cents to US$1.03

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