Issue 18-204 Gross Domestic Product (GDP)

November 30, 2018

The Canadian economy contracted in September, following seven consecutive months of growth. On an industry level, real GDP at basic prices (seasonally adjusted) was down 0.1 %, primarily due to weakness in the goods-producing industries, which shrank 0.7% in September, following a 0.3% drop in the previous month.

All goods-producing industries lost ground in September. The largest decline (-1.2%) was in mining, quarrying, and oil & gas extraction, with GDP in the oil and gas extraction industry contracting 2.9%. Agriculture, forestry, fishing & hunting (-0.8%), construction (-0.6%), manufacturing (-0.5%) and utilities (-0.1%) also posted declines.

Services-producing industries expanded modestly (+0.2%).  Most service industries posted gains, with the strongest growth seen in arts, entertainment & recreation (+2.0%), transportation & warehousing (+0.9%), accommodation & food services (+0.6%), professional, scientific & technical services (+0.5%), administrative & support services (+0.5%), retail trade (+0.4%) and management of companies & enterprises (+0.4%). However, GDP declined in wholesale trade (-0.7%), finance & insurance (-0.4%) and information & cultural industries (-0.2%).

Source: Statistics Canada