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May 31, 2022CANADA GDP BY INDUSTRY, MARCH 2022 Month-over-month (Mar 2022 vs Feb 2022)
Real Gross Domestic Product (GDP) in Canada increased 0.7% to an annualized value of $2,046 billion (chained 2012 dollars at basic prices) in March 2022. This follows after growth of 0.9% in February.
Statistics Canada’s preliminary estimate for April 2022 real GDP shows a 0.2% gain on gains in mining, oil and gas; transportation and warehousing and wholesale trade.
Goods-producing sector output increased 0.9% from February to March 2022 with gains across all broad industries except utilities. Mining, quarrying and oil and gas extraction real GDP was up 1.4% in March, led by oil and gas extraction, gold/silver mining and iron ore mining. Construction real GDP gained 1.2% on rising residential building construction (+1.8%) and non-residential building construction (+0.9%) while growth was slightly slower in engineering and other construction (0.6%). Agriculture, forestry and fishing real GDP also rose 1.0%. Manufacturing real GDP was up 0.9% on stronger gains in durable goods production, notably motor vehicles.
Real GDP in Canada's services-producing industries was up 0.6% from February to March. There were stronger gains in client facing industries such as accommodation and food services (10.9%) as well as arts, entertainment and recreation (13.5%). Both wholesale (-0.7%) and retail trade (-0.6%) real GDP contracted in March. Wholesale trade real GDP fell with notable drops in machinery and equipment as well as farm products. Retail trade was down on a contraction in real GDP from motor vehicles and parts dealers.
Year-to-Date (Jan-Mar 2022 vs Jan-Mar 2021)
The Canadian economy was 3.6% larger in the first quarter of 2022 when compared to the same months in 2021. Real GDP from goods producing industries was up 2.4% with year-to-date gains in all industries except agriculture, forestry and fishing (-1.8%).
Real GDP from services-producing industries was up 4.0% with the strongest increases in arts, entertainment and recreation (49.4%) as well as accommodation and food services (30.9%). There were also notable increases in personal and repair services (8.3%), professional and technical services (7.1%), information and cultural industries (7.0%) as well as transportation and warehousing (6.0%). Real GDP from the (relatively small) management of companies and enterprises industry fell by 31.6%.
Source: 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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