Real gross domestic product (GDP) was essentially unchanged for a second consecutive month in August as factors such as higher interest rates, inflation, forest fires and drought conditions continued to weigh on the economy. Services-producing industries edged up 0.1% in the month, while goods-producing industries contracted 0.2%. Overall, 8 of 20 industrial sectors increased, reported Statistics Canada on Tuesday.
Pavel Danilyuk
The federal agency said the oil and gas extraction subsector rose 1.0% in August, up for the seventh time in the last eight months, bringing activity to its highest level since April 2019.
“Mining and quarrying (except oil and gas) increased 4.2% in August, led by an increase in copper, nickel, lead and zinc, which rebounded from a large decline in July that resulted in large part from maintenance activity.
“The manufacturing sector contracted 0.6% in August, as both non-durable goods and durable goods manufacturing contributed to the decrease for a third month in a row.”
StatsCan said advance information indicates that real GDP by industry was essentially unchanged in September. Decreases in mining, quarrying, and oil and gas extraction and utilities were partially offset by increases in the construction and public sectors. Owing to its preliminary nature, these estimates will be updated on November 30, 2023, with the release of the official GDP by industry data for September.
With this advance estimate for September, information on real GDP by industry suggests that the third quarter of 2023 was essentially unchanged. The official estimate for the third quarter will be available on November 30, 2023, when the official estimate of real GDP by income and expenditure is released.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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