Second Quarter of 2018
(April, May, June)
Ontario Ministry of Finance
Table of Contents
ECONOMIC ACCOUNTS
- Highlights: Ontario GDP Growth
- Expenditure Details: Exports and Household Spending Boost Real GDP
- Income Details: Nominal GDP Growth
- Price Details: Economy-Wide Prices Up
- Industry Details: Sector-By-Sector Growth
- Jurisdictional Comparisons: Ontario Growth in Context
RECENT ECONOMIC DEVELOPMENTS
- Employment: Labour Market Overview
- Sales and Trade: Retail and Wholesale Trade and Manufacturing Sales Advance
- Housing: Housing Market Overview
- Global Economic Developments:
- Appendix:
- List of Data Tables
Highlights
Ontario GDP Growth
- Ontario’s real gross domestic product (GDP) increased 0.8% in the second quarter (April, May, June) of 2018, following a 0.4% increase in the first quarter.
- Second quarter growth was mainly supported by exports and consumer spending. Investment in residential and non-residential structures also increased in the quarter.
- Nominal GDP increased 1.2%, following a 0.8% gain in the first quarter of 2018. Compensation of employees rose by 0.9%, while the net operating surplus of corporations increased 1.1%.
- Economic production, measured on an industry basis, increased 0.8%. Service sector output advanced by 0.7%, while output in goods-producing industries rose 0.9%.
Expenditure Details
Exports and Household Spending Boost Real GDP
Ontario’s real GDP rose by 0.8% in the second quarter of 2018, following a 0.4% gain in the previous quarter.
Household consumption spending increased 0.6%, after rising 0.5% in the first quarter. Consumer spending increased on services (+0.8%) as well as semi-durable (+1.3%), non-durable (+0.2%) and durable (+0.1%) goods.
Business investment spending edged up 0.2%, after increasing 1.6% in the previous quarter. Investment in residential construction (+1.4%), non-residential structures (+1.0%) and intellectual property products (+0.5%) increased. Gains were moderated by lower investment in machinery and equipment (−3.3%).
Government spending increased by 0.3%, following a 1.0% rise in the first quarter.
Exports increased 2.2%, as both international (+2.8%) and interprovincial (+0.8%) exports advanced. Imports increased 0.5%, following a 1.3% increase in the first quarter.
Businesses accumulated $5.7 billion worth of inventories, following a $7.0 billion increase in the first quarter.
Final domestic demand, which is the sum of consumption, investment and government expenditures, advanced by 0.5% in the second quarter, following a 0.8% gain in the first quarter.
Income Details
Nominal GDP Growth
Nominal GDP increased 1.2%, after advancing 0.8% in the first quarter.
Compensation of employees, which includes both wages and salaries, and supplementary labour income, increased 0.9%, after rising 1.2% in the previous quarter.
Business sector profits, measured by the net operating surplus of corporations, increased 1.1%, after a 0.2% gain in the first quarter.
Net mixed income, which is comprised of farm, non-farm and rental income, increased 0.7%, after edging up 0.1% in the first quarter.
Household disposable income increased 0.8%, matching the rate of increase in the first quarter.
The household savings rate decreased to 2.0% in the second quarter, from 2.4% in the previous quarter.
Price Details
Economy-Wide Prices Up
Economy-wide prices, as measured by the implicit price index for GDP, increased 0.4% in the second quarter, matching the rate of increase in the first quarter.
Prices for household consumption expenditures increased 0.4%, following a 0.7% gain in the previous quarter. Prices for motor vehicles and parts, food and beverages and gasoline increased, while prices for furniture, clothing, electricity and natural gas declined.
Business investment prices increased 0.4% following a 0.1% decline in the first quarter. Prices for residential construction (+0.1%) and machinery and equipment (+1.7%) increased, while prices for intellectual property products declined 0.3%. Non-residential construction prices were unchanged.
Prices were higher for both exports (+1.6%) and imports (+1.9%). During this period, the Canadian dollar depreciated by 1.8% against the U.S. dollar.
Industry Details
Sector-By-Sector Growth
Based on production by industry, Ontario real GDP advanced 0.8% in the second quarter, following a gain of 0.4% in the previous quarter. Growth was wide-spread across sectors, as output advanced in both goods (+0.9%) and service-producing (+0.7%) industries.
In the goods sector, manufacturing output increased 0.8%, led by growth in primary and fabricated metal (+3.3%), food, beverage and tobacco (+2.2%), plastic and rubber (+5.3%) and machinery (+2.4%) manufacturing. Lower output in transportation equipment (−2.5%) moderated the overall gain.
Construction output advanced 1.1% in the second quarter, led by residential construction (+1.6%) and non-residential buildings and engineering (+0.7%). Primary industry output expanded by 0.4%, led by higher output in mining.
Utilities output (+1.1%) also increased, as both natural gas distribution (+0.6%) and electrical power generation (+1.2%) expanded to meet demand for heating, largely reflecting colder than usual temperatures in April.
Almost all service-producing industries increased output in the second quarter, with the largest contribution from professional and administrative services (+1.3%). Public administration (+1.1%), health care and social assistance (+0.9%), real estate, rental and leasing (+0.4%) and retail trade (+1.0%) also posted notable increases.
Jurisdictional Comparisons
Ontario Growth in Context
Canadian real GDP increased 0.7% in the second quarter, following a 0.4% gain in the first quarter, driven by higher export volumes and household consumption.
Quebec’s real GDP rose 0.6% in the second quarter, matching the growth rate in the first quarter. Business investment and household consumption were the main contributors to second quarter growth.
In the U.S., real GDP advanced 1.0% in the second quarter, after rising 0.5% in the first quarter. Household consumption and net trade supported the gain, as exports increased 2.2%, while imports edged down 0.1%.
Employment
Labour Market Overview
Ontario’s employment advanced by 42,800 in the third quarter of 2018, following a gain of 33,900 net new jobs in the second quarter.
Ontario’s unemployment rate was 5.9% in September 2018.
As of September 2018, employment was 9.2% (+610,900 jobs) above the pre-recession peak and 13.9% (+883,400 jobs) above the recessionary low.
Note: More information on Ontario labour market performance can be found in the Quarterly Ontario Employment Report at: https://www.fin.gov.on.ca/en/economy/employment/
Sales and Trade
Retail and Wholesale Trade and Manufacturing Sales Advance
Retail sales advanced 4.2% over the first seven months of 2018, compared to the same period in 2017. The increase was led by higher sales at motor vehicle and parts dealers and gasoline stations, partly driven by higher prices. Sales in July edged up 0.1% from June, led by higher sales at gas stations and health and personal care stores.
Wholesale trade increased 3.9% over the first seven months of 2018, compared to the same period in 2017. Wholesale trade in July increased 1.1% (m/m) on higher sales of motor vehicles and parts and household goods.
Manufacturing sales rose 2.6% over the first seven months of 2018, compared to the same period in 2017. Sales in July advanced 2.1% (m/m), led by gains in transportation equipment.
Ontario’s international merchandise exports declined 0.1% over the first eight months of 2018, compared to the same period in 2017. Exports to Ontario’s top market, the United States, declined 2.2% over this period.
Housing
Housing Market Overview
Sales of existing homes are continuing to stabilize after reaching elevated levels in early 2017. In August, home resales increased 3.5% compared to a year earlier. Overall, for the first eight months of 2018, home resales were 16.7% lower than the same period in 2017, driven by declines in the Greater Toronto Area (GTA) and its surrounding areas.
Ontario average home resale prices have also moderated. On a year-to-date basis, the average Ontario home resale price was 3.9% lower over the first eight months of 2018, compared to a year earlier.
Housing starts declined 2.9% over the first nine months of 2018, compared to a year earlier. Single-detached starts declined 19.1%, while multiple-unit starts increased 6.1%.
Global Economic Developments
Global Economic Growth Solid in Q2
Economic growth was solid across most advanced economies in the second quarter of 2018. Real GDP in the euro zone rose by 0.4% in the second quarter of 2018, matching the growth rate in the first quarter. In Japan, real GDP growth increased to 0.7%, after declining 0.2% in the first quarter. Real GDP growth also picked up in the United Kingdom, rising 0.4% in the second quarter following growth of 0.1% in the first quarter. China real GDP growth slowed modestly in the second quarter to 6.7% year-over-year from 6.8% in the first quarter.
U.S. real GDP rose 1.0% in the second quarter of 2018, up from 0.5% in the first quarter. This was the fastest pace of growth since 2014. Net trade added significantly to growth in the second quarter, receiving a temporary boost from surging U.S. soybean exports as exporters raced to beat Chinese tariffs which took effect in July. Business investment grew 2.1% in the second quarter, building on five quarters of strong gains. Residential investment declined 0.3% in the second quarter, following a 0.9% decline in the first quarter.
The U.S. labour market continues to benefit from a strong economy, adding on average 190,000 net new jobs in the third quarter compared to an average of 217,000 in the second quarter of 2018. The unemployment rate declined to 3.7% in September, its lowest level since 1969. Average wage growth eased to 2.8% year-over-year in September from 2.9% in August, which was the fastest pace of wage growth since 2009.
Interest Rates Rise Gradually
Short-term interest rates in Canada and the U.S. continue to rise alongside increasing inflation. Central banks in both countries have gradually raised interest rates this year to keep inflation low and stable. The Bank of Canada left its policy interest rate unchanged at the September decision at 1.50% following a 25 basis point increase in July. In the U.S., after leaving interest rates unchanged in August, the Federal Reserve raised the target range for the fed funds rates to between 2.00% to 2.25% in September.
International oil prices moved higher over the past three months, supported by strong international demand alongside supply constraints, notably the impending sanctions on Iran and the collapse in Venezuelan production. Oil prices have declined modestly in North America as resilient U.S. oil production has kept markets better supplied.
Since early July, the Canadian dollar has been relatively little-changed, rising modestly from above 76 cents U.S. to above 77 cents U.S. at the end of September, as solid economic growth and similar monetary policy expectations in both Canada and the U.S. have had a neutral impact on the exchange rate.
Stock markets posted an uneven performance in the third quarter of 2018, with strong gains in the U.S. and Japanese markets while Canadian and European markets saw modest declines. Between early July and the end of September, the S&P 500 has gained 6.5% and the Nikkei 225 was up by 9.2%. The S&P/TSX Composite was down 0.4% and the Euro Stoxx 50 was down 0.9% over the same period.
Appendix
Structure of the Ontario Economy
How GDP is Measured
The Ontario Economic Accounts provide measurements of GDP using three different methodologies, by expenditure, income and industry.
The GDP by expenditure approach defines GDP as the aggregate of all expenditures on final consumption, gross capital formation and net trade by consumers, governments and businesses that occur within Ontario’s economy over a given time period. This measurement of GDP can also be defined as the sum of consumer spending, gross investment, government spending and net trade.
The GDP by income approach equates GDP to the total income earned through contributions to production within Ontario’s economy by labour and capital over a given time period. That is, GDP is the sum of all wages and salaries paid to employees, the gross operating surplus of businesses, gross mixed income and indirect taxes less subsidies.
The GDP by industry approach measures GDP by calculating the total output of the goods and services producing industries within Ontario’s economy and subtracting the cost of intermediate inputs used in final production. This approach can also be referred to as the value-added approach as it quantifies the additional value generated by industries through the production of final products within the economy.
For a full list of definitions used in the Ontario Economic Accounts, please see Statistics Canada’s System of Macroeconomic Accounts Glossary at http://www.statcan.gc.ca/eng/nea/gloss/gloss_a.
List of Data Tables
Income and Expenditure Data
Quarterly Data, 2015:Q1–2018:Q2
Table 1: Ontario Gross Domestic Product (Income-Based)
Table 2: Ontario Gross Domestic Product (Expenditure-Based)
Table 3: Ontario Gross Domestic Product at Chained 2007 Prices
Table 4: Sources and Disposition of Ontario Household Income
Table 5: Ontario Trade
Table 6: Ontario Trade (Chained 2007 Prices)
Table 7: Ontario Deflators
Annual Data, 2014-2017
Table 8: Ontario Gross Domestic Product (Income-Based)
Table 9: Ontario Gross Domestic Product (Expenditure-Based)
Table 10: Ontario Gross Domestic Product at Chained 2007 Prices
Table 11: Sources and Disposition of Ontario Household Income
Table 12: Ontario Trade
Table 13: Ontario Trade (Chained 2007 Prices)
Table 14: Ontario Deflators
Ontario Production by Industry at 2007 Prices
Table 15: Quarterly Data, 2015:Q1-2018:Q2
Table 16: Annual Data, 2014-2017
Historical tables, both annual and quarterly available from 1981.
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Graphic Descriptions
Highlights: Ontario GDP, Second Quarter 2018
The chart indicates the per cent change in real and nominal GDP in the second quarter of 2018. Real GDP increased 0.8% and nominal GDP increased 1.2% in the quarter.
Expenditure Details: Real GDP Growth
The bar chart illustrates Ontario’s quarterly per cent real GDP growth from the first quarter of 2014 to the second quarter of 2018. Ontario has experienced real GDP growth over the entire period. Real GDP rose 0.8% in the second quarter of 2018, following a 0.4% increase in the first quarter of 2018. The first quarter of 2017 recorded the strongest gain over the period, at 1.2%.
Expenditure Details: Real GDP Change by Expenditure Component
The horizontal bar chart depicts the per cent change in Ontario’s real GDP and its components for the second quarter of 2018. Real GDP rose 0.8% in the quarter, with increases in household consumption (+0.6%), business investment (+0.2%), government spending (+0.3%), exports (+2.2%) and imports (+0.5%).
Expenditure Details: Real Export and Import Growth
The bar chart shows the quarterly per cent change in real exports and imports from the first quarter of 2015 to the second quarter of 2018. Exports increased 2.2% in the second quarter of 2018, while imports rose 0.5%.
Income Details: Nominal GDP Growth
The bar chart illustrates Ontario’s quarterly per cent nominal GDP growth from the first quarter of 2014 to the second quarter of 2018. Ontario has experienced nominal GDP growth over the entire period. Nominal GDP rose 1.2% in the second quarter of 2018, following a 0.8% increase in the first quarter of 2018. The first quarter of 2017 recorded the strongest gain over the period, at 2.0%.
Income Details: Nominal GDP Change by Income Component
The horizontal bar chart depicts the per cent change in nominal GDP and its components for the second quarter of 2018. Nominal GDP rose 1.2% in the second quarter, with increases in compensation of employees (+0.9%), net operating surplus (+1.1%), net mixed income (+0.7%) and indirect taxes less subsidies (+0.7%).
Income Details: Compensation of Employees Growth
The bar chart shows Ontario’s quarterly growth of employee compensation in per cent from the first quarter of 2014 to the second quarter of 2018. Compensation of employees rose 0.9% in the second quarter of 2018, following a 1.2% increase in the first quarter of 2018. The first quarter of 2015 and the fourth quarter of 2017 recorded the strongest gains over the period, at 1.7%.
Price Details: Economy-Wide Price Growth
The bar chart illustrates Ontario’s quarterly growth of economy-wide prices in per cent from the first quarter of 2014 to the second quarter of 2018. Economy-wide prices increased 0.4% in the second quarter of 2018, matching the increase in the first quarter. Since the first quarter of 2014, the strongest growth in prices was recorded in the first quarter of 2014 (+1.1%), while the largest decline was posted in the fourth quarter of 2014 (−0.3%).
Price Details: Price Change by Expenditure Component
The horizontal bar chart shows the per cent change in prices by expenditure component for the second quarter of 2018. The overall GDP deflator increased 0.4% in the second quarter, with prices increasing for household consumption (+0.4%), business investment (+0.4%), government spending (+0.7%), exports (+1.6%) and imports (+1.9%).
Price Details: Export and Import Price Growth
The bar chart illustrates Ontario’s quarterly growth of export and import prices in per cent from the first quarter of 2015 to the second quarter of 2018. In the second quarter of 2018, prices were higher for both imports (+1.9%) and exports (+1.6%). Since 2015, the largest gain in import prices (+2.1%) was in the second quarter of 2017. The largest gain in export prices (+1.8%) was in the third quarter of 2015. The largest fall in import (−3.5%) and export (−2.9%) prices was in the third quarter of 2017.
Industry Details: Real GDP Growth by Industry
The bar chart depicts Ontario’s quarterly growth of real GDP by industry in per cent from the first quarter of 2014 to the second quarter of 2018. Ontario real GDP advanced 0.8% in the second quarter of 2018, following a 0.4% gain in the first quarter. Real GDP by industry has grown over the entire period, with the strongest gain of 1.2% recorded in the first quarter of 2017.
Industry Details: Real GDP Change by Industry
The horizontal bar chart illustrates the per cent change in real GDP by industry category for the second quarter of 2018. The output of all industries grew 0.8% in the quarter. Output rose 0.9% in goods-producing industries, including industry changes as follows: construction (+1.1%); utilities (+1.1%); manufacturing (+0.8%); and, primary industries (+0.4%). Output in the service industries rose 0.7%, including industry changes as follows: professional and administrative services (+1.3%); retail trade (+1.0%); health, education and public administration (+0.9%); other services (+0.5%); real estate, rental and leasing (+0.4%); wholesale trade (+0.4%); and, finance and insurance (+0.4%).
Industry Details: Real GDP Change by Manufacturing Industry
The horizontal bar chart shows the per cent change in real GDP by manufacturing industry for the second quarter of 2018. In total, output by manufacturing industries increased 0.8% in the quarter. The change in output of each manufacturing industry is as follows: plastic and rubber (+5.3%); primary and fabricated metal (+3.3%); machinery (+2.4%); food, beverage and tobacco (+2.2%); paper and printing (+1.4%); chemical and petroleum (+0.4%); electrical and electronic (−0.7%); other manufacturing (−0.9%); wood and furniture (−1.3%); textile, clothing and leather (−1.8%); and, transportation equipment (−2.5%).
Jurisdictional Comparisons: Canadian Real GDP Growth
The bar chart illustrates Canada’s quarterly per cent real GDP growth from the first quarter of 2014 to the second quarter of 2018. Canadian real GDP grew 0.7% in the second quarter, following a 0.4% gain in the first quarter. The largest gain over the period was 1.2% in the second quarter of 2014, and the largest decline was 0.3% in the second quarter of 2016.
Jurisdictional Comparisons: Quebec Real GDP Growth
The bar chart illustrates Quebec’s quarterly per cent real GDP growth from the first quarter of 2014 to the second quarter of 2018. Quebec real GDP grew 0.6% in the second quarter, matching growth in the first quarter. The largest gain over the period was 1.2% in the third quarter of 2017, and the largest decline was 0.1% in the second and fourth quarters of 2015.
Juristictional Comparisons: U.S. Real GDP Growth
The bar chart illustrates the U.S.’s quarterly per cent real GDP growth from the first quarter of 2014 to the second quarter of 2018. U.S. real GDP grew 1.0% in the second quarter, following a 0.5% gain in the first quarter. The U.S. has experienced real GDP growth over the entire period, with the largest gain over the period in the second quarter of 2014 (+1.3%).
Employment: Ontario’s Labour Force
The chart indicates the change in Ontario’s employment in the third quarter of 2018 and the level of the unemployment rate in September 2018. Ontario’s employment rose by 42,800 net new jobs in the third quarter of 2018. The unemployment rate was 5.9% in September 2018.
Employment: Ontario’s Labour Market
The combination line and area chart shows Ontario’s unemployment rate (line chart) and employment level (area chart). Employment has increased steadily from a low of 6.38 million in June 2009 to 7.26 million in September 2018. The unemployment rate peaked in June 2009 at 9.6% and has since steadily trended downwards, reaching 5.9% in September 2018.
Employment: Employment Since the Recession
The bar chart shows different characteristics of Ontario employment gains since June 2009. Total employment has increased by 883,000 since June 2009, with full-time employment up by 832,000, while part-time employment rose by 52,000. Private-sector employment increased by 578,000, while public-sector employment rose by 176,000 and self-employment was up by 129,000. Employment in above-average wage industries rose by 624,000 compared to a 259,000 employment increase in below-average wage industries.
Sales and Trade: Retail Sales
The line chart shows Ontario’s retail sales in billions of dollars from January 2014 to July 2018. Ontario’s retail sales have trended upwards since January 2014. Ontario’s retail sales advanced 4.2% over the first seven months of 2018.
Sales and Trade: Wholesale Trade
The line chart shows Ontario’s wholesale trade in billions of dollars from January 2014 to July 2018. Ontario’s wholesale trade has trended upwards since January 2014. Ontario’s wholesale trade rose 3.9% over the first seven months of 2018.
Sales and Trade: Manufacturing Sales
The line chart shows Ontario’s manufacturing sales in billions of dollars from January 2014 to July 2018. Ontario’s manufacturing sales have trended upwards since January 2014. Ontario’s manufacturing sales rose 2.6% over the first seven months of 2018.
Housing: Home Resales
The line chart shows Ontario’s home resales in units from January 2014 to August 2018. Ontario’s home resales grew from about 15,800 in January 2014 to over 21,700 in October 2016. After a slight subsequent decline, home resales increased to almost 21,500 in March 2017. Home resales declined to about 15,800 in July 2017, and recovered to about 19,500 in December 2017. In August 2018, home resales were about 17,000 units. Ontario’s home resales declined 16.7% over the first eight months of 2018.
Housing: Home Resale Prices
The line chart shows Ontario’s average home resale prices in dollars from January 2014 to August 2018. Ontario’s home resale price increased from $421,000 in January 2014 to a peak of $650,000 in March 2017. Average resales prices declined to $536,000 in June 2017 before increasing to almost $579,000 in December 2017. Subsequently prices trended down to $547,000 in May 2018, before rising to almost $584,000 in August 2018. Ontario home resale prices have declined 3.9% over the first eight months of 2018.
Housing: Housing Starts
The line chart shows Ontario’s housing starts in thousands of units (seasonally adjusted at annual rates) from January 2014 to September 2018. Ontario’s housing starts reached a peak of 106,000 units in February 2018, but declined to 77,000 units in September 2018. The low over the period was just under 42,000 in February 2015. Ontario’s housing starts decreased 2.9% over the first nine months of 2018.
Global Economic Developments: Real GDP Growth
This bar chart shows quarterly percentage changes in real GDP for the U.S., the Euro area, Japan and the United Kingdom for the first and second quarters of 2018. In the first and second quarters of 2018, U.S. growth was 0.5% and 1.0%; Euro area growth was 0.4% and 0.4%; Japan growth was -0.2% and 0.7%; and, United Kingdom growth was 0.1% and 0.4%.
Global Economic Developments: U.S. Real GDP Growth and Residential Investment
The chart shows the year-over-year per cent change in U.S. real GDP as bars and the year-over-year per cent change in U.S. residential investment as a line, from the first quarter of 2014 to the second quarter of 2018. U.S. real GDP growth was 2.9% in the second quarter of 2018, compared to a year earlier. U.S. residential investment growth was 1.3% in the second quarter of 2018, compared to a year earlier.
Global Economic Developments: U.S. Labour Market
This chart shows the U.S. unemployment rate as a line and employment growth in thousands of workers as bars, from January 2014 to September 2018. Over this period, employment has increased every month, and the unemployment rate has shown a downward trend. In September 2018, the U.S. unemployment rate was 3.7% and employment increased by 134,000 jobs.
Global Economic Developments: Government of Canada Interest Rates
This line chart shows the daily interest rates for Government of Canada three-month Treasury bills and ten-year bonds. Interest rates have been increasing since mid-2017. On September 24, 2018 the three-month Treasury bill rate was 1.57% and the ten-year bond rate was 2.44%
Global Economic Developments: Oil Prices and the Canadian Dollar
The line chart shows the daily oil prices ($US per barrel) and Canadian dollar (cents U.S.) between January 2014 and September 2018. Both series declined from early 2014 through early 2016, and have since increased moderately. On September 24, 2018, the Canadian dollar was worth 77.3 U.S. cents and the WTI oil price was 72.5 U.S. dollars per barrel.
Global Economic Developments: Stock Indexes
The line chart shows the daily value of the S&P 500, Nikkei 225, S&P/TSX Composite and Euro Stoxx 50 stock indexes from January 2014 to September 2018. Between early July and the end of September, the S&P 500 has gained 6.5% and the Nikkei 225 was up by 9.2%. The S&P/TSX Composite was down 0.4% and the Euro Stoxx 50 was down 0.9% over the same period.
Appendix: Per Cent Share of Nominal GDP, 2017
The pie chart illustrates Ontario’s shares of nominal GDP by industry in 2017. The good-producing industries accounted for 22.1% of nominal GDP, including manufacturing (11.7%), construction (6.8%), utilities (1.9%) and primary (1.8%). The service producing industries accounted for 77.9% of nominal GDP, including other services (15.6%), real estate and rental and leasing (13.0%), health and education (12.7%), wholesale and retail trade (12.0%), finance and insurance (9.6%), public administration (7.2%), transportation and warehousing (4.1%) and information and culture (3.7%).
Appendix: GDP measurement methods
- Expenditure Approach
- Sum of expenditures of all sectors of the economy
- Consumer Spending + Investment + Government Spending + Exports − Imports
- Income Approach
- Sum of all incomes
- Wage and Salaries + Profits + Mixed Incomes + Indirect taxes − Subsidies
- Production Approach (GDP by Industry)
- Sum of value added in all industry sectors
- Output of Goods Producing Industries + Output of Services Producing Industries − Intermediate Inputs
