Issue 16-127: GDP by Industry
June 30, 2016
After losing ground earlier in the year, the Canadian economy inched ahead (+0.1%, seasonally adjusted, in chained 2007 dollars) in April.
Goods-producing industries posted a third straight monthly decline (-0.1%) in real GDP, but April’s downturn was marginal compared to February (-0.7%) and March (-0.9%). Although manufacturing (+0.4%) and utilities (+1.9%) made gains, the construction industry stalled (+0.0%) and agriculture, forestry, fishing & hunting (-0.2%) and mining, quarrying, and oil & gas extraction (-1.4%) remained in a slump. A downturn in the oil & gas extraction (-2.4%) industry was related to maintenance shutdowns at upgrader facilities, which contributed to a 7.3% decline in real GDP for the non-conventional oil extraction industry. The effect of the wildfires in Fort McMurray and the surrounding area will not be seen until the May data are released. Service sector growth (+0.2%) helped push the overall economy into positive territory in April. Public administration (+0.5%) and real estate, rental & leasing (+0.5%) posted notable gains, as did accommodation & food services (+0.4%). Transportation & warehousing also saw a 0.4% increase in GDP, following a sharp drop (-1.3%) in the previous month. Finance and insurance expanded 0.3%, while education (+0.2%), retail (+0.2%) and wholesale (+0.2%) trade all made gains. Other service industries did not fare as well. GDP in arts, entertainment & recreation plunged (-3.9%), with a more modest decline seen in management of companies & enterprises (-0.3%). GDP in most other service industries was either flat, or virtually unchanged from March levels.
Data Source: Statistics Canada