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Revisions to the growth in GDP over the revision period were not substantial. Over the entire 1982 to 2011 period, the mean absolute revision to the annual nominal growth rate in GDP was 0.15 percentage points, while the mean absolute revision to the annual real growth rate in GDP was 0.14 percentage points.

In 2007 (the new base and reference year for the Canadian economic accounts), the nominal level of GDP was revised upward by $36.4 billion, or 2.4% of the previous estimate of GDP.

ActionForex - As a result of these changes, the level of GDP, in nominal terms, is 2.6% higher than previously reported in the second quarter of 2012. The most significant contributor to this upward revision was the inclusion of R&D expenditures and military weapons systems in business and government investment.

The revisions imply a slightly faster pace of growth in recent quarters. This greater momentum could prompt some upward revisions to 2012 GDP forecasts.

Canada's population should pass 35 million by the end of 2012

Canada's GDP in Q2 2012 is C$1.81 trillion

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Technology Review - an accumulation of improvements have lowered the cost premium on hybridcars from $6000 to $2500. The extra cost is about 40% of what it was a few years ago.

The drop in cost is due to an accumulation of incremental technology improvements, along with economies of scale. And advances going forward—better batteries, electric motors, and power electronics and transmissions—could cut costs by another 50 percent.

At Toyota, for example, the company shifted from a 500-volt electrical system to a 650-volt one, a decision that produced "a host of benefits," says Justin Ward, advanced power-train program manager at the Toyota Technical Center. The company was able to reduce the cost and weight of copper wiring, use cheaper power transistors in the electronics that control the hybrid system, and make the electric motor cheaper and smaller.

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Psy is the Korean rapper who has exploded onto the internet with his "Gangnam style" video. It is not yet the most viewed video on Youtube. However, it will likely crack the top ten this week.

The tenth most popular video is Enimem - "Not Afraid" at about 360 million views. Gangnam Style is at 334 million (after 60 days) and is increasing its views by about 5 to 10 million each day. A Justin Bieber video is number one with about 780 million views. By the end of 2012, it will probably take 1 billion views to be number 1 on Youtube.

For those who have not seen it.



Trivia
The elevator scene - the person in the elevator was a friend of Psy who visited during the shooting of the video. They improvised that scene.

From a comment - The word "oppa" (literally older brother) is an informal title like "daddy" and "mommy" in English. This title, "oppa," can be used only by a girl when she calls out to or talks to either (1) her real older brother in her family, or (2) a male friend slightly older than she is (not older than, very roughly, 10 years, in which case the title "a-jo-ssi," literally uncle, would be more appropriate). For the second use, the older male friend does not necessarily have to be her boyfriend, although he can be. "Oppa" conveys a sense of warm friendship, so all Korean guys love to be called "oppa" by younger girls--especially by those they find attractive. As for what the difference between "oppa" and "oppan" is, "oppan" simply means "oppa is." So "Oppan Gangnam style" means "(girls!) Older brother is Gangnam style,"

Gangnam is the richest district in Korea full of expensive condos many of which are well over US $2 million dollars.

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