Real production and real income growth over the COVID-19 pandemic
The COVID-19 pandemic affected the Canadian economy in numerous ways, one of which was changing the relationship between growth in production, and changes in real consumption and real gross fixed capital formation (GFCF). Typically, real consumption and real GFCF are expected to progress similarly t...
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| Format: | Article |
| Language: | English |
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Statistics Canada
2023-04-01
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| Series: | Economic and Social Reports |
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| Online Access: | https://www150.statcan.gc.ca/n1/pub/36-28-0001/2023004/article/00004-eng.htm |
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| _version_ | 1850027014991380480 |
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| author | Sean Clarke Ryan Macdonald |
| author_facet | Sean Clarke Ryan Macdonald |
| author_sort | Sean Clarke |
| collection | DOAJ |
| description | The COVID-19 pandemic affected the Canadian economy in numerous ways, one of which was changing the relationship between growth in production, and changes in real consumption and real gross fixed capital formation (GFCF). Typically, real consumption and real GFCF are expected to progress similarly to real gross domestic product (GDP), however during the period covered by the COVID-19 pandemic, real consumption and real GFCF grew at a stronger pace than real GDP. This article illustrates how examining real income rather than real production can address this paradox. Specifically, the roles of changes in production (the use of capital, labour and multifactor productivity used to produce real GDP) and changes in non-production sources of real income growth (the trading gain and net income from abroad) are examined. |
| format | Article |
| id | doaj-art-468eee9e64354d3cb80ecbeee25c848e |
| institution | DOAJ |
| issn | 2563-8955 |
| language | English |
| publishDate | 2023-04-01 |
| publisher | Statistics Canada |
| record_format | Article |
| series | Economic and Social Reports |
| spelling | doaj-art-468eee9e64354d3cb80ecbeee25c848e2025-08-20T03:00:21ZengStatistics CanadaEconomic and Social Reports2563-89552023-04-0130410.25318/36280001202300400004-engReal production and real income growth over the COVID-19 pandemicSean ClarkeRyan MacdonaldThe COVID-19 pandemic affected the Canadian economy in numerous ways, one of which was changing the relationship between growth in production, and changes in real consumption and real gross fixed capital formation (GFCF). Typically, real consumption and real GFCF are expected to progress similarly to real gross domestic product (GDP), however during the period covered by the COVID-19 pandemic, real consumption and real GFCF grew at a stronger pace than real GDP. This article illustrates how examining real income rather than real production can address this paradox. Specifically, the roles of changes in production (the use of capital, labour and multifactor productivity used to produce real GDP) and changes in non-production sources of real income growth (the trading gain and net income from abroad) are examined.https://www150.statcan.gc.ca/n1/pub/36-28-0001/2023004/article/00004-eng.htmCOVIDCOVID 19CoronaCoronavirusCorona virusNovel coronavirus |
| spellingShingle | Sean Clarke Ryan Macdonald Real production and real income growth over the COVID-19 pandemic Economic and Social Reports COVID COVID 19 Corona Coronavirus Corona virus Novel coronavirus |
| title | Real production and real income growth over the COVID-19 pandemic |
| title_full | Real production and real income growth over the COVID-19 pandemic |
| title_fullStr | Real production and real income growth over the COVID-19 pandemic |
| title_full_unstemmed | Real production and real income growth over the COVID-19 pandemic |
| title_short | Real production and real income growth over the COVID-19 pandemic |
| title_sort | real production and real income growth over the covid 19 pandemic |
| topic | COVID COVID 19 Corona Coronavirus Corona virus Novel coronavirus |
| url | https://www150.statcan.gc.ca/n1/pub/36-28-0001/2023004/article/00004-eng.htm |
| work_keys_str_mv | AT seanclarke realproductionandrealincomegrowthoverthecovid19pandemic AT ryanmacdonald realproductionandrealincomegrowthoverthecovid19pandemic |