The 2015 edition of National Accounts of OECD Countries, General Government Accounts is an annual publication, dedicated to government finance which is based on the System of National Accounts 2008 (SNA 2008) for all countries except Chile, Japan, Korea and Turkey (SNA 1993). It includes tables showing government aggregates and balances for the production, income and financial accounts as well as detailed tax and social contribution receipts and a breakdown of expenditure of general government by function, according to the harmonised international classification, COFOG. These detailed accounts are available for the general government sector. Data also cover the following sub-sectors, according to availability: central government, state government, local government and social security funds.
The data in this publication are also available on line via www.oecd-ilibrary.org under the title OECD National Accounts Statistics, General Government Accounts (http://dx.doi.org/10.1787/na-gga-data-en and http://dx.doi.org/10.1787/na-gga08-data-en).
Achieving strong growth in the global economy remains elusive, with only a modest recovery in advanced economies and slower activity in emerging markets, according to the OECD’s latest Interim Economic Outlook.
Low oil prices and monetary easing are boosting growth in the world’s major economies, but the near-term pace of expansion remains modest, withabnormally low inflation and interest rates pointing to risks of financial instability, according to the OECD’s latest Interim Economic Assessment.
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This country note from Going for Growth 2015 for Canada identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
House prices have increased significantly in Canada over the past decade, driving household debt and residential construction activity to historical highs.
Skills shortages have developed in certain fields and regions in recent years. Earnings premiums for people in some professions, notably health, engineering and skilled trades have increased.
Over the past two decades, Canada has witnessed continued economic stability and progress despite the recent crisis that wreaked havoc in most other advanced economies. In fact, Canada has never had a banking crisis and has one of the highest levels of well-being, but challenges remain, said OECD Secretary-General.
Canada has experienced solid economic growth since the global crisis, allowing it to reverse recession-induced job losses and put federal public finances on a sound footing, says the OECD. Growth is expected to accelerate from 2.5% this year to 2.7% in 2015.
Canada weathered the economic and financial crisis and its aftermath better than most other advanced economies, but productivity growth, in particular growth in multifactor productivity, has been persistently weak despite comparatively high investment in knowledge-based capital and a business environment generally favourable to entrepreneurship.
Canada enjoys relatively high GDP per capita but productivity growth has been weak despite comparatively high investment in knowledge-based capital, a fairly competitive business environment and a reasonably well-functioning labour market.