Issue 18-60 Gross Domestic Product

March 29, 2018

Canadian real GDP by industry at basic prices edged down 0.1% (seasonally adjusted) in January.

Goods-producing industries fell (-0.4%), mainly due to a steep decline in mining, quarrying and oil & gas extraction (-2.7%). Oil and gas extraction dipped 3.6%, as unscheduled maintenance shutdowns at oil and gas facilities contributed to a 7.1% drop in non-conventional oil production. At the same time, GDP in mining excluding oil and gas extraction declined (-0.8%) for a fourth straight month.  Agriculture, forestry, fishing & hunting (-0.7%) and utilities (-0.1%) were also down in January. Manufacturing (+0.7%) and construction (+0.5%) bounced back following a slowdown in December.

GDP in service-producing industries was essentially unchanged (+0.0%). Gains in wholesale trade (+0.5%), administrative & support (+0.5%), finance & insurance (+0.3%), retail trade (+0.2%), education (+0.2%) and health (+0.2%) were offset by declines in other service industries, including arts, entertainment & recreation (-0.8%), real estate & rental & leasing (-0.5%) and management of companies & enterprises (-0.4%). As new mortgage lending regulations officially started in January, a steep drop in homes sales contributed to the largest monthly decline in the output of offices of real estate agents and brokers (-12.8%) since November 2008.

Source: Statistics Canada