BUSINESS
11/08/2011 09:03 EST | Updated 01/08/2012 05:12 EST

Canada Economy: 2010 Saw 21 Per Cent Corporate Profit Jump As Economy Grew 2.8 Per Cent

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OTTAWA - Real gross domestic product increased in every province and territory in 2010, a rebound from the previous year when most provinces recorded declines or no gain.

Nationally, real GDP increased 3.2 per cent after a 2.8 per cent contraction in 2009.

Nationally, business investment increased in the three major categories of fixed capital: residential structures, non-residential structures as well as machinery and equipment.

Corporate profits rose 21 per cent as commodity prices and overall demand increased.

Output in all major goods-producing industries and services-producing industries was up in 2010, while exports increased 6.4 per cent.

The resource-based economies of Alberta, Saskatchewan and Newfoundland and Labrador recorded increases in real GDP above the national average.

Output rose 6.1 per cent in Newfoundland and Labrador, the largest increase among the provinces.

In the territories, Nunavut recorded the largest increase, at 11 per cent.