The Economy in Brief – January 2007

The following Economy In Brief has just been posted on the Finance Canada Site.

Overview

In the third quarter of 2006 real gross domestic product (GDP) grew 1.7% following a 2.0% gain in the second quarter.

Real final domestic demand growth slowed to 2.8% in the third quarter from 3.6% in the second quarter. Residential investment declined 8.2%. Growth in government spending on goods and services slowed, mainly reflecting a winding down of census-related expenditures. Also, business inventory accumulation weakened.

Real exports increased after two consecutive quarterly declines while import growth slowed. As a result, international trade had only a marginally negative impact on growth. The current account surplus edged up $1.6 billion from $18.7 billion in the second quarter. At 1.4% of nominal GDP, this was the 29th consecutive quarterly surplus.

Employment grew 0.4% in the third quarter, a much slower rate than the 3.1% pace in the second quarter. The unemployment rate inched up from 6.2% in October to 6.3% in November.

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