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Real gross domestic product grows in July


real gdp grows in july 2015Ottawa – Real gross domestic product grew 0.3% in July 2015, after rising 0.4% in June, Statistics Canada reports. The growth in June and July followed five consecutive monthly declines from January to May. The increase in July was led by mining, quarrying, and oil and gas extraction, manufacturing, and the finance and insurance sector.

The output of goods-producing industries rose 0.8% in July after a 0.7% increase in June, which followed five consecutive monthly declines. The rise in July was the result of a gain in mining, quarrying, and oil and gas extraction and, to a lesser extent, manufacturing. In contrast, utilities, the agriculture and forestry sector, and construction were down.

The output of service-producing industries advanced 0.2% in July, after increasing 0.3% in June and posting no growth in May. Notable gains were recorded in the finance and insurance sector, transportation and warehousing services, the public sector (education, health and public administration combined) and retail trade. On the other hand, wholesale trade, the arts and entertainment sector, and professional services declined.

Mining, quarrying, and oil and gas extraction expands again

Mining, quarrying, and oil and gas extraction expanded 2.9% in July after a 2.6% increase in June, which followed seven consecutive monthly contractions.

After increasing 2.9% in June, oil and gas extraction rose 4.4% in July mainly as a result of a 9.1% gain in non-conventional oil extraction. Non-conventional oil extraction continued to grow in July after increasing 7.0% in June, following maintenance shutdowns and production difficulties in April and May. Conventional oil and gas extraction was up 0.8% in July after edging up 0.1% in June.

Mining and quarrying (excluding oil and gas extraction) edged up 0.1% % in July, following a 2.7% rise in June. An increase in potash mining outweighed a decline in metal ore and coal mining in July.

Support activities for mining and oil and gas extraction fell 1.9% in July, after declining 0.7% in June.

Manufacturing output grows again

Manufacturing output rose 0.6% in July, after increasing 0.6% in June and declining 1.0% in May.

Durable-goods manufacturing increased 1.0% in July after edging up 0.1% in June. Notable gains were recorded in transportation equipment, fabricated metal products, miscellaneous manufacturing as well as furniture and related products. Conversely, computer and electronic product manufacturing, non-metallic mineral products manufacturing, machinery manufacturing as well as primary metal manufacturing were down.

Non-durable goods manufacturing increased 0.2% in July, after a 1.1% rise in June. Gains were posted in the manufacturing of food, plastic and rubber products, and beverage and tobacco products, while chemical manufacturing fell.

The finance and insurance sector rises again

After increasing 0.7% in June, the finance and insurance sector rose 0.8% in July. All of banking, financial investment and insurance services were up in July.

Wholesale trade falls while retail trade increases

Wholesale trade fell 0.4% July, following a 0.7% rise in June. Declines were notable in the wholesaling of farm products, petroleum products and miscellaneous products (which include paper products) in July. In contrast, the wholesaling of personal and household goods was up.

Retail trade rose 0.2% in July, after falling 0.2% in June. Motor vehicle and parts dealers and clothing and clothing accessories stores posted increases. In contrast, food and beverage stores, electronics and appliance stores and building material and garden equipment and supplies dealers recorded declines.

The arts and entertainment sector declines

The arts and entertainment sector declined 1.9% in July, following a 6.8% increase in June. The increase in June was due in large part to the FIFA Women’s Soccer World Cup hosted by Canada. Levels in the industry remained high in July, in part because of increased activity related to the Pan-American games.

Construction decreases

Construction edged down 0.1% in July. Engineering, repair and residential building construction fell in July. In contrast, non-residential building construction was up.

The output of real estate agents and brokers was down 0.9% in July after a 0.2% decline in June, which followed four consecutive monthly increases.

Other industries

Utilities fell 1.9% in July, a fifth consecutive monthly decrease. A decline in electricity generation, transmission and distribution outweighed a gain in natural gas distribution in July.

The public sector (education, health and public administration combined) edged up 0.1% in July. Educational services were up, while public administration and health care services were unchanged.


Bill Roebuck

Bill Roebuck

Bill Roebuck is the Editor and Associate Publisher of Machinery & Equipment MRO magazine and mromagazine.com.
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