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Mahon: The only category we don't count in GDP calculations
Revisions reflect better valuation of forestry, unpaid labor, and underground economy, adding 1.7% growth to Canada’s GDP from 2022 to 2024, Statistics Canada said.
- As reported recently, Statistics Canada revised its GDP estimates for 2022–2024, showing Canada's measured output rose 1.7 per cent more than previously believed.
- Excluding parenting and caring leaves a large portion of economic activity off official GDP totals, as Statistics Canada does not add unpaid household work, estimated to swell GDP by 25.2 percent.
- Data such as volunteer hours and underground transactions underpin the recent revisions, with the volunteer sector estimated at 4.1 billion hours valued at $56 billion and an underground economy of $72.4 billion including unclaimed tips and food and construction categories.
- The GDP-to-debt ratio guides assessments of Canada’s debt situation and ratings, but measurement uncertainty and the Canada Pension Plan make this ratio a `warm guess` in international comparisons.
- Measuring assets like woodlots forces statisticians to estimate timber asset growth and ecosystem services, complicating GDP valuation with the question `How do you value a melting ice cube?`.
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Ontario Farmer+15 Reposted by 15 other sources
Mahon: The only category we don't count in GDP calculations
Statistics Canada is responsible for estimating Canada’s Gross Domestic Product (GDP) each quarter. GDP is an important figure calculating the total value produced in a country’s economy. It is as boring as cardboard.
·London, Canada
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Total News Sources16
Leaning Left0Leaning Right15Center1Last UpdatedBias Distribution94% Right
Bias Distribution
- 94% of the sources lean Right
94% Right
R 94%
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