Issue 17-141 Gross Domestic Product (GDP)

October 31, 2017

The Canadian economy slowed down in August, with real GDP at basic prices inching down 0.1% (seasonally adjusted) after stalling (+0.0%) in the previous month. The decline was largely due to weakness in the goods-producing industries, which contracted 0.7%. Manufacturing (-1.0%), mining, quarrying, and oil & gas extraction (-0.8%), utilities (-0.8%), agriculture, forestry, fishing & hunting (-0.3%) and construction (-0.1%) all posted declines. Within the manufacturing sector, chemical manufacturing (-7.3%) saw the biggest drop in 20 years. Maintenance shutdowns on the east coast contributed to a 5.2% decline in conventional oil and gas extraction.

Services-producing industries expanded modestly (+0.1%). Growth in arts, entertainment & recreation (+0.7%), wholesale trade (+0.4%), health care & social assistance (+0.3%) and professional, scientific & technical services (+0.3%) was offset by declines in retail trade (-0.4%), information and cultural industries (-0.2%) and administrative & support services (-0.1%).

Source: Statistics Canada