Issue 18-184 Gross Domestic Product (GDP)

October 31, 2018

The Canadian economy continued to expand in August, marking a seventh consecutive month of growth. Real GDP at basic prices edged up 0.1% (seasonally adjusted), boosted by growth in the energy sector (+1.0%) and finance and insurance (+1.0%).
 
GDP in goods-producing industries was essentially unchanged (-0.0%). The mining, quarrying, and oil & gas extraction industries recorded a 0.9% increase (with oil & gas extraction up 1.9%) following declines in the previous two months. Utilities also rose (+0.8%), but manufacturing (-0.6%), agriculture, forestry, fishing & hunting (-0.5%) and construction (-0.4%) posted declines.
 
Services-producing industries expanded modestly (+0.1%), with gains mainly from finance & insurance (+1.0%), real estate & rental & leasing (+0.3%) and professional, scientific & technical services (+0.3%). However, arts, entertainment & recreation (-1.4%), transportation & warehousing (-0.5%), administrative & support services (-0.4%), retail (-0.2%) and wholesale (-0.1%) trade contracted in August.
 
Source: Statistics Canada