Canada’s GDP rises 0.6 percent in June

Wednesday, 31 August 2016 23:41:59 (GMT+3)   |   San Diego
       

According to Statistics Canada, real gross domestic product (GDP) rose 0.6 percent in June, essentially offsetting an equivalent decline in May. Mining, quarrying and oil and gas extraction, manufacturing and utilities were the major contributors to the increase.
 
Goods-producing industries increased 1.6 percent in June. Mining, quarrying and oil and gas extraction contributed the most to the gain, mainly because of a rise in non-conventional oil extraction, as capacity gradually returned following the Fort McMurray wildfire and evacuation in May. Manufacturing and utilities also rose, while construction and the agriculture and forestry sector decreased.
 
Following four monthly declines, mining, quarrying and oil and gas extraction rose 3.6 percent in June. The increase was primarily due to a 12 percent gain in non-conventional oil extraction, as capacity gradually returned following the Fort McMurray wildfire and evacuation in May. Despite the increase, the industry's output in June remained well below the average of the last three years.
 
Mining excluding oil and gas extraction rose 2.5 percent in June, a third consecutive monthly gain. The main contributor was an increase in metal ore mining (+3.4 percent), notably in copper, nickel, lead and zinc mines, which supported a rise in exports of metal ores and concentrates.
 
Manufacturing output grew 1.8 percent in June. This gain offset the decline in durable goods manufacturing and partially moderated the decrease in non-durable manufacturing in May.
 
Durable-goods manufacturing rose 2.4 percent, with all industry subsectors posting increases. The main contribution came from a 2.9 percent gain in manufacturing of transportation equipment, as the volume of sales increased in the motor vehicle parts and motor vehicle assembly industries.
 
Wholesale trade increased for a fourth consecutive month, rising 0.4 percent in June. There were gains in the wholesaling of personal and household goods, building materials and supplies, machinery, equipment and supplies, and motor vehicle and parts. Food, beverage and tobacco wholesaling recorded the largest decline.
 
Construction declined for the third month in a row in June, down 0.4 percent. There were decreases in residential and non-residential building construction, as well as repair construction and engineering and other construction activities.


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