Characterizing Breadth in Canadian Economic Activity

Taylor Webley, Carla Valerio and Maureen MacIsaac

No 2020-1, Staff Analytical Notes from Bank of Canada

Abstract: Real growth in gross domestic product tends to be meaningfully higher when a large share of industries and demand components are growing—that is, when growth is broad across many fronts. We present a simple new indicator, the overall breadth indicator (OBI), to measure how widespread economic activity is in Canada, allowing us to place recent data in historical context. The relationship between the OBI and the output gap is strong contemporaneously and one quarter ahead. Beyond that, however, the signal from the OBI is less robust.

Keywords: Business; fluctuations; and; cycles (search for similar items in EconPapers)
JEL-codes: E32 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2020-01
New Economics Papers: this item is included in nep-bec and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:bca:bocsan:20-1

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