My paper will look at GDP, Gross Domestic Product, and GNP, Gross National Product and how these two economic measurements can tell us a lot about the Canadian economy. I will begin with an introduction of both GDP and GNP, then I will discuss what these two tools mean for Canada. I will conclude with a brief look at current GDP/GNP levels and what they might hold for the future.

GDP. What is it? Products, or productivity, are said to be the results of production. But what type of production are we dealing with here? The making of cars? The cutting of wheat fields? How about the selling of something in the Halifax Shopping Center? Actually, these are all the type of productivity we are looking at in this paper. GDP is the measurement of economic output. Labour productivity is the measurement of real GDP generated per hour of work. It is a useful reading of the strength of our work force. Strong labour productivity can mean higher paying jobs for our workers, meaning more money will be in the hands of the members of the work force. Since higher levels of productivity lower the prices of goods and services, better wages and living standards can be more easily achiev

The amount of economic output for every person in the country can also be a telling sign of how well the economy is operating. We call this GDP per capita. GDP per capita measures can help indicate the average family income, growth in Canada’s GDP per capita and growth in average annual income have generally followed similar paths. In fact, the growth rates in GDP and family income strongly reflect the business cycle over the past 20 years. Both declined in 1982 when the economy was sluggish, rose rapidly during the boom period from 1985 to 1988, and then declined again in the early 1990s during the economic slowdown.

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