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October 31, 2018CANADA GDP BY INDUSTRY, AUGUST 2018 Real GDP in Canada grew 0.1 per cent in August 2018 compared to July and has grown for seven consecutive months. Growth occurred in 12 of 20 sectors led by oil and gas extraction and finance and insurance. Compared to August 2017, the Canadian economy is 2.5 per cent larger with an annualized value of $1,790 billion (chained 2007 dollars).
The output of the goods-producing industries was unchanged in August. The mining, quarrying and oil and gas extraction sector posted a 0.9 per cent increase that offset declines in the previous two months. Oil and gas extraction was up as total crude production in Alberta reached record levels and natural gas extraction grew. Mining and quarrying was down on lower output of copper, nickel, lead and zinc mining. Manufacturing declined 0.6 per cent with lower transportation equipment manufacturing due to atypical assembly plant shutdowns in August and lower activity among chemical, petroleum, and food manufacturing. The construction sector declined 0.4 per cent in August with residential construction declining for the third month in a row with slowing new housing construction. The decline in residential construction over the last three months is the largest three-month decline since 2009. Non-residential construction activity was essentially unchanged. Utilities were up 0.8 per cent with warm weather driving demand for electricity for cooling purposes.
Service-producing industries output edged up 0.1 per cent in August. The finance and insurance sector rose 1.0 per cent in August with increased activity in bond and equity markets a factor behind growth for banks and financial investment services and funds. Insurance activity was down. The real estate and rental and leasing sector was up with rising output among offices of real estate agents and brokers with higher home resale activity in Ontario, Quebec, British Columbia, and Alberta but remains 16.7 per cent lower than December 2017 levels. Transportation was down on lower rail, truck, water transportation and support activities. The public sector was up 0.2 per cent with increases in all three components: education, health care, and public administration.
Canada's real GDP was 2.7 per cent higher in January-August 2018 than in the same period last year. Year-to-date growth was 3.7 per cent in the goods-producing sector, with the subsectors of Mining, quarrying, and oil and gas extraction (5.7%), Utilities (1.7%), Construction(4.3%), and Manufacturing(2.5%), reporting positive growth. Agriculture, forestry, fishing and hunting (-0.1%) is reporting a decline for the first eight months of the year. Services are up 2.2 per cent compared to January-August 2017, with the strongest growth in wholesale (+4.5%), professional, scientific and technical services (+4.1%), and health care and social assistance (+3.4%). For the first eight months of 2018, lower activity occurred in information and culture (-0.4%) and management of companies and enterprises (-1.4%).
Statistics Canada. Table 36-10-0434-01 Gross domestic product (GDP) at basic prices, by industry, monthly (x 1,000,000)
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