Just looking through Canadian Q1 GDP data

If we were to look at headline real GDP growth to Q1 2014 we would see slow but stable growth:

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But if we take out net exports and inventory accumulation, final domestic demand has been on a long slide:

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And exports (especially goods exports) have tailed off over the last two quarters, with the net export contribution coming from a decline in imports:

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In Q1 2014 net exports grew by 7,190 ($m), fed largely by a decline in imports of 10,364 ($m).   Goods exports have grown by 580m since Q3 2013.

  The CPB world trade monitor data confirms a global weakness in world trade, which may not be such a concern if it were not for the importance of the property market to Canadian jobs and income and the overall level of growth.

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The other worrying piece of data is non farm inventories which have grown by 65% of the increase in GDP since Q3 2013.   Large inventory accumulations pose risks going forward.

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