Issue 17-23: Gross Domestic Prodct (GDP)

January 31, 2017

Canadian real GDP by industry at basic prices (seasonally adjusted) increased 0.4% in November after contracting (-0.2%) in October, as the goods-producing industries rebounded (+0.9%) in November. Manufacturing (+1.4%), mining, quarrying, and oil & gas extraction (+1.4%) and construction (+1.1%) were major contributors to the growth of real GDP. Utilities (-3.0%) and agriculture, forestry, fishing & hunting (-0.2%) declined in November. Utilities declined for the third consecutive month due to the unseasonably warm weather in western Canada.

The service-producing industries increased 0.2%. Finance & insurance (+1.5%), retail trade (+0.7%), and transportation & warehousing (+0.4%) posted solid growth. However, overall growth was dampened by weakness in a number of service-producing industries including real estate & rental & leasing (-0.2%), wholesale trade (-0.1%) and arts, entertainment & recreation (-0.1%).

Data Source: Statistics Canada