Canada’s GDP seen to creep upward in February
Ottawa - Real gross domestic product grew 0.3% in February 2013, the same pace as in January, according to Statistics Canada. Mining, quarrying, and oil and gas extraction was the main source of growth in February.
Ottawa – Real gross domestic product grew 0.3% in February 2013, the same pace as in January, according to Statistics Canada. Mining, quarrying, and oil and gas extraction was the main source of growth in February.
Goods production expanded 0.9% in February, owing mainly to increases in mining, quarrying, and oil and gas extraction and in manufacturing. Construction, utilities, as well as the agriculture and forestry sector also grew. The output of service industries edged up 0.1%, mainly as a result of gains in arts and entertainment, the public sector (education, health and public administration combined) and the finance and insurance sector. In contrast, accommodation and food services, administrative and professional services and wholesale trade declined.
Mining, quarrying, and oil and gas extraction expands
Mining, quarrying, and oil and gas extraction expanded 2.2% in February, a fifth consecutive monthly increase.
Mining and quarrying (excluding oil and gas extraction) grew 6.4% as a result of a significant increase in output at potash mines. Metallic mineral and coal mining were also up in February.
Oil and gas extraction rose 1.0%, as a result of increases in oil production. This follows a 0.2% decline in January.
Support activities for mining and oil and gas extraction (+1.2%) also advanced, with increases in drilling and, to a lesser extent, rigging services.
Manufacturing output increases again
Manufacturing output was up 0.8% in February, following a 0.6% gain in January. Durable goods production grew 0.7% with increases in transportation equipment, non-metallic mineral products, and computer and electronic products. Non-durable goods production increased 1.0% in February. Growth in chemical, food as well as clothing and leather products more than offset declines in paper and petroleum and coal products manufacturing.
Construction increased 0.2% in February. Engineering and repair construction advanced, as did residential and non-residential building construction.
The output of real estate agents and brokers decreased 0.8% in February, as activity in the home resale market was down.
The finance and insurance sector advances
The finance and insurance sector rose 0.2% in February, mainly as a result of an increase in financial investment services.
Wholesale trade declines while retail trade edges up
Wholesale trade was down 0.2% in February, after rising 0.5% in January. The main declines were in the wholesaling of machinery, equipment and supplies, of personal and household goods and of farm products. These declines outweighed gains in the wholesaling of motor vehicles and parts as well as of food, beverage and tobacco products.
Retail trade edged up 0.1% in February. Increased activity at general merchandise stores and at motor vehicles and parts dealers was almost offset by declines at clothing and clothing accessories stores, gasoline stations, as well as furniture and home furnishings stores.
The arts and entertainment sector increased 3.3% in February after growing 4.0% in January, mainly the result of a continued rebound following the end of a labour dispute in professional hockey. In contrast, accommodation and food services were down 1.0%, in parallel with a decrease in the number of international travellers to Canada.
The public sector (education, health and public administration combined) edged up 0.1%.
Utilities rose 0.4%, with increases in the demand for both electricity and natural gas.