Gross domestic product (GDP) data for the second quarter of 2024 have been released along with updated data for the first quarter. Updates to the first quarter were due to the incorporation of updated source data and the intentions estimates from the Capital and Repair Expenditures survey. Additionally, new survey results from Statistics Canada's (imports) and (exports) were integrated.With this release, the calculation of the inventory stock (book value) and sales used to derive the economy-wide stock-to-sales ratio has been modified to exclude gold and other precious metals. Inventory for gold and precious metals include those held as a store of value which are not held as an input into future production or sales. The entire time series for the stock, sales and economy-wide stock-to-sales ratio have been updated with the new calculation. Revisions to Canada's gross domestic productTo satisfy the opposing goals for both timeliness and accuracy, Statistics Canada regularly updates (revises) estimates of Canada's GDP. Further details are outlined in the article "."Accounting for First Nations Settlements During the first quarter of 2024, the Government of Canada announced the final settlement agreement on . As of this release, the Income and Expenditure Accounts have been revised to account for the initial creation of a fiduciary trust in the first quarter from which payments will flow to households as settlement claims are processed. The initial payment has been recorded as a capital transfer from the federal government to the financial corporations' sector with the settlement funds held in trust. These funds will be disbursed to claimants over subsequent quarters with payments shown as current transfers from financial corporations to households along with corresponding impacts on household disposable income and saving. This revision led to a significant but temporary impact on the federal government's budget deficit (on a national accounts basis) during the first quarter.Accounting for e-commerce transactions with non-resident vendorsThe indicators used to estimate Household Final Consumption Expenditure have been adjusted to account for non-resident e-commerce sales. The Monthly Retail Trade Survey collects data only on resident vendor e-commerce sales. The non-resident vendor e-commerce adjustment, which is applied to the indicators to estimate household consumption, mainly the Retail Commodity Survey, is a non-seasonally adjusted, quarterly value. This adjustment has been in place since the fourth quarter of 2019. For the second quarter of 2024, the adjustment represents 736.1 million dollars, applied to the household consumption indicators. The adjustment is derived using sources such as details from customs transactions, GST remittances and financial statements for certain enterprises.GeneralPercentage changes for expenditure-based statistics (such as household spending, investment and exports) are calculated from volume measures that are adjusted for price variations. Percentage changes for income-based statistics (such as compensation of employees and operating surplus) are calculated from nominal values; that is, they are not adjusted for price variations. Unless otherwise stated, growth rates represent the percentage change in the series from one quarter to the next: for instance, from the first quarter of 2024 to the second quarter of 2024.For information on seasonal adjustment, see .Real-time tablesReal-time tables 36-10-0430-01 and 36-10-0431-01 will be updated on September 10, 2024.Next releaseData on GDP by income and expenditure for the third quarter will be released on November 29., Real gross domestic product (GDP) increased 0.5% in the second quarter after rising 0.4% in the first quarter. On a per capita basis, GDP fell 0.1% in the second quarter, the fifth consecutive quarterly decline., Canada's gross domestic product grew 2.1 per cent at an annualized rate in the second quarter of 2024, though GDP per capita fell for the fifth consecutive quarter, Statistics Canada said.