Media-Centre

Tracking GDP

The GDP of Halifax is projected to stand at $13,332 million by the end of 2011 (The Conference Board of Canada).

What is GDP?

Gross domestic product (GDP) is an indicator used to estimate the value of economic activity. Measuring the total value of goods and services produced in an area during a given period, GDP includes everything from personal expenditures on food, clothing, rent, haircuts and movies to government expenditures on roads, military hardware, business investments and net exports (exports minus imports). It also accounts for the money companies spend on new factories or shopping malls. GDP does not, however, include transfer payments such as old age pensions, employment insurance and welfare payments. It also ignores the purchase of raw materials or intermediate goods and services used by businesses to produce final products purchased by consumers, thus measuring the value of production without any duplication. (Statistics Canada, Canada e-Book)