Canada revises second quarter GDP, current account data, uses new methods

Mon Oct 1, 2012 8:39am EDT
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OTTAWA (Reuters) - Canada revised its second quarter data for annualized economic growth to 1.9 percent from an initial 1.8 percent on Monday to reflect the adoption of updated accounting standards.

Statistics Canada said the change to the new standards -- which incorporate new weightings and measures such as investment in intellectual property products -- were not meaningful.

"(The switch) resulted in no substantial change to the level, nominal growth rate or real growth rate of Canada's gross domestic product from 1981 through the second quarter of 2012," it said in a release.

"Similarly, there was no material change to Canada's current account balance over this period."

Statscan revised the Q2 current account deficit to C$18.37 billion from an initial C$16.02 billion.

(Reporting by David Ljunggren; Editing by Chizu Nomiyama)