Issue 18-150 Gross Domestic Product

August 31, 2018

The Canadian economy was essentially unchanged (+0.0%, seasonally adjusted) in June, following a 0.5% increase in the previous month.

GDP in goods-producing industries contracted 0.2%, mainly due to a decline in mining, quarrying, and oil & gas extraction (-0.9%) as non-conventional oil extraction contracted (-2.4%) for the first time in five months. GDP in the utilities (-0.5%) and construction (-0.2) industries also decreased while manufacturing expanded (+0.3%) and agriculture, forestry, fishing & hunting stayed flat (+0.0%).

Services-producing industries edged up 0.1%, as continued growth in most industries was largely offset by weakness in some key service industries. Solid gains in accommodation & food services (+0.8%), professional, scientific & technical services (+0.5%), real estate & rental & leasing (+0.4%) and transportation & warehousing (+0.4%) were accompanied by declines in wholesale (-0.9%) and retail (-0.2%) trade and finance & insurance (-0.1%). Wholesale and retail trade, together with finance & insurance account for just over a quarter of total GDP in the service sector.

Data Source: Statistics Canada