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Canadian GDP down 0.1 percent in September

Friday, 30 November 2018 00:41:42 (GMT+3)   |   San Diego
       

According to Statistics Canada, real gross domestic product edged down 0.1 percent in September, following seven consecutive months of growth. Lower output across all goods-producing industries (-0.7 percent) was the main reason for the decline. The output of services-producing industries edged up 0.2 percent as growth in most sectors more than offset declines in wholesale trade and in finance and insurance. Overall, 10 of 20 industrial sectors declined in September.

There was a 1.2 percent contraction in mining and quarrying in September. Support activities for mining and oil and gas extraction were down for the fourth time in five months, contracting 1.6 percent as all types of support activities declined.

Mining excluding oil and gas extraction increased 3.0 percent in September, led by a 9.3 percent rise in metal ore mining. Copper, nickel, lead and zinc mining output gained 24.1 percent after posting recent lows of copper and nickel production in August. Non-metallic mineral mining was down 3.2 percent as a result of a 5.9 percent decline in potash mining. Coal mining (+2.6 percent) was up for the sixth time in seven months on higher demand by export markets.

The manufacturing sector declined 0.5 percent in September, down for the second month in a row. Non-durable manufacturing decreased 1.2 percent, while durable manufacturing was essentially unchanged.

The construction sector was down 0.6 percent in September, contracting for the fourth consecutive month. Residential construction was down for the fourth consecutive month, declining 1.0 percent on slower single, row and multi-unit dwelling construction along with housing alterations and improvements. Non-residential construction grew 0.4 percent, partly offsetting two months of decline, led by industrial and commercial construction. Repair construction (-0.4 percent) and engineering and other construction activities (-0.8 percent) were also down.

The transportation and warehousing sector expanded 0.9 percent in September, more than offsetting the 0.4 percent decline in August, as all subsectors rose.


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