OTTAWA ? The household debt of Canadians ? a worrying number for the federal government and the Bank of Canada ? was even higher than originally thought last year, according to revisions by Statistics Canada.
And that rate continued to rise in the first half of 2012, the federal agency said Monday.
In 2011, the ratio of household debt to income was 161.7%, up from 150.6%, under a new system of economic accounting adapted by agency.
The debt-to-income ratio continued to rise to 163.4% in the second quarter of this year from 161.8% in the previous quarter.
The adjustments, using new international standards, was due to an upward revision of household credit market debt, to $1.61 trillion from $159 trillion, the agency said Monday. Also affecting the household debt was a redefinition of household disposable income, as well as the removal of non-profit groups serving households from the calculations.
Household net worth was revised to $6.6 trillion last year, from $6.3 trillion calculated using the previous system. On a per capita basis, net worth rose to $190,800 from $182,900.
?The majority of this increase was due to improved valuation of unlisted shares. Unlisted shares are now recorded at market value rather than book value,? Statistics Canada said.
Meanwhile, it said national net worth in the second quarter of 2012 rose 1.2% to $6.8 trillion, from $6.7 trillion in the revious three-month period.
Monday?s balance sheet revisions, under the international System of National Accounts, go back to 1990. Statistics Canada spent two years recalibrating other sets of numbers, withsome revisions going back more than 30 years.
Last week, Statistics Canada released its first set of revisions. These included numbers on gross domestic product dealing, current and capital accounts, balance of payments and international investments between 1981 and the second quarter of 2012.
It said those revisions resulted in ?no substantial change? to how the economy performed overall.
On Nov. 19, the agency will release by provincial and territorial economic accounts for 2007 to 2011.
?
Source: http://business.financialpost.com/2012/10/15/canadians-deeper-in-debt-than-thought/
whitney houston dead 2012 whitney houston passed away heartbreak hotel don cornelius whitney houston i will always love you breaking news whitney houston carmen
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.