Tourism spending in Canada grew 19.8% in the second quarter, a fifth consecutive quarterly increase. Tourism gross domestic product (GDP) (+20.4%) and jobs attributable to tourism (+11.2%) also rose in the second quarter.
Tourism spending by international visitors accounted for 20.5% of total tourism spending in Canada in the second quarter, up from 14.4% in the first quarter. Despite accounting for about one-fifth of tourism spending, international visitors contributed more to overall growth than domestic tourists in the second quarter.
In Quarter 3 (July to Sept) 2016, gross domestic product (GDP) per head increased 0.4% compared with Quarter 2 (Apr to June) 2016 and is now 1.5% above pre-economic downturn levels. This was a slightly slower growth rate than the 0.6% quarterly increase seen in GDP.
In Quarter 3 (July to Sept) 2016, gross domestic product (GDP) per head, which adjusts GDP for the size of the population, increased 0.4% compared with Quarter 2 (Apr to June) 2016. This was a slightly slower growth rate than the 0.6% quarterly increase seen in GDP, due to faster growth in the population than GDP over the quarter. The quarterly growth in GDP per head means that it is, as of Quarter 3 2016, 1.5% above its pre-economic downturn level, having initially surpassed that level in Quarter 3 2015.
According to the refined estimate, the gross domestic product decreased by 0.2%, quarter-on-quarter, in the Q3 2022. In the year-on-year comparison, it increased by 1.7%. The year-on-year GDP growth was mainly supported by external demand and the gross fixed capital formation. Conversely, final consumption expenditure of households had a considerably negative influence. The refined estimate confirmed the quarter-on-quarter (q-o-q) decrease of the Czech economy in the Q3 2022. The gross domestic product (GDP) adjusted for price effects and seasonally adjusted decreased by 0.2%, q-o-q. In the year-on-year (y-o-y) comparison, it increased by 1.7%.
The Obama Administration has targeted reducing oil imports by one-third over the next decade through encouraging greater conventional crude oil production, increased production of biofuels, efficiency improvements, and alternative fuel vehicles.31 Members of Congress have introduced a range of proposals aimed at increasing domestic liquid fuels supply or reducing liquid fuels demand. These include creation of new policies or programs, or the removal of existing policy barriers to supply enhancing (or demand dampening) investment. Both sets of options come with associated costs and benefits to be weighed. This section briefly discusses several examples.
Larger components of recent domestic supply growth have come from onshore crude oil and natural gas liquids production (see Table 1). This has been driven in large part by greater production from tight oil and shale gas formations (shale gas formations can contain natural gas liquids, which are part of the oil market). Higher oil prices and advances in horizontal drilling and hydraulic fracturing technologies made these resources commercial. According to the International Energy Agency (IEA), U.S. tight oil production averaged 620,000 b/d in 2011, may grow to 870,000 b/d in 2012, and could reach 1.7 Mb/d by 2016. 32 About two-thirds of U.S. tight oil output in 2011 came from the Bakken and Three Forks deposits in North Dakota (see Figure 7). For context, the United States produced about 5.6 Mb/d of crude oil in 2011. Texas's Eagle Ford shale is another major source of tight oil production. There is also tight oil development in California and the Rockies. While particular forecasts differ, analysts generally expect significant growth in U.S. tight oil production going forward. However, there are environmental concerns around the processes used to extract these resources, including the impact on water resources and air quality.33 State and federal government officials as well as industry are looking into how best to address these risks. For more, see CRS Report R42032, The Bakken Formation: An Emerging Unconventional Oil Resource, by [author name scrubbed] et al.
The United States has drawn down the SPR for emergency reasons in three cases of global supply disruptions, each in coordination with other IEA countries: Iraq's invasion of Kuwait and the subsequent Gulf War (1990/91), Hurricanes Katrina and Rita in the U.S. Gulf Coast (2005), and after prolonged disruption of Libyan exports (2011). These events reduced global oil supply. As described above, that can affect oil prices around the world, including the cost of U.S. domestic oil and oil imports, even if these imports do not come from the disrupted sources. These releases of strategic stockpiles can help offset the impact of disruptions and may have contributed to oil prices being lower than they might have otherwise been.
The United States was in recession from December 2007 until June 2009. Council of Economic Advisors estimated that CARS raised third quarter 2009 gross domestic product (GDP) growth by around 0.2 percentage points (annualized rate). Council of Economic Advisers, "Economic Analysis of the Car Allowance Rebate System," September 10, 2009, p. 12.
The HTS has been carried out since 1st quarter of 2000. Due to a change in methodology there is a discontinuity in all of the series relating to outbound and domestic travel from 2012 onwards and therefore these results are not directly comparable with the results prior to 2012.
The data collected by the CSO's Tourism surveys for domestic and inbound travel is combined and the percentage change in nights sold is compared (on a quarterly basis) with changes in accommodation indices (NACE 55) from the CSO's Monthly Services Value Index (MSI). The MSI monitors the trends in outputs at current prices of enterprises in the non-financial traded services sector. 2b1af7f3a8