The report states that the decline is largely related to productivity. Regions like Alberta, Saskatchewan, and Newfoundland and Labrador, where the economy relies heavily on the exchange of commodities, used to have the highest GDP per person, TD says. Over the past ten years, however, their lead has been challenged. Following the pandemic, only B.C. and P.E.I. have been able to raise their GDP per person levels they had in the years prior to COVID-19, TD reports.
This is a headline just because there’s this catchy tradition of saying “standard of living = GDP per capita” which is misleading.
Indeed, as literally spelled out:
This is a headline just because there’s this catchy tradition of saying “standard of living = GDP per capita” which is misleading.