Canada's net worth jumps in first quarter of 2021

# 12 June 2021 02:37 (UTC +04:00)

Canada's national net worth increased 1,070.9 billion Canadian dollars, up 7.7 percent to 14,965.7 billion Canadian dollars in the first quarter of 2021, according to Statistics Canada on Friday, APA reports citing Xinhua.

The unparalleled rise of the national net worth, which includes the sum of national wealth and net foreign asset position, was fuelled by record growth in national wealth, coupled with a modest increase in Canada's net foreign asset position.

On a per-capita basis, the national net worth rose from 365,184 Canadian dollars to 392,496 Canadian dollars in the first quarter.

The Canadian economy added a record-breaking 1,032 billion Canadian dollars to national wealth in the quarter, as the value of non-financial assets hit 13,575.2 billion Canadian dollars.

The value of residential real estate jumped unprecedented 9.4 percent, marking a third consecutive quarter of strong growth while natural resource wealth rose for the third quarter in a row, up 284.4 billion Canadian dollars to 1,137 billion Canadian dollars on the strengthening price of commodities, including crude oil and potash.

By contrast, the value of machinery and equipment declined for a third consecutive quarter as depreciation continued to outpace new investment.

Canada's net foreign asset position continued its upward trend in the first quarter, rising 39 billion Canadian dollars to reach a new record level of 1,390.5 billion Canadian dollars.

Since the end of the first quarter of 2020, which was marked by uncertainty and volatility on global financial markets at the onset of the COVID-19 pandemic, Canada's net foreign asset position has been steadily growing.

Over the last 12 months, higher market prices were consistently the main contributor to the increase, while the revaluation effect resulting from the strengthening of the Canadian dollar had a moderating effect.

One Canadian dollar is about 0.79 U.S. dollar.

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