Canadian GDP rises 0.3 percent in March, led in part by mining sector

Thursday, 31 May 2018 20:58:56 (GMT+3)   |   San Diego

According to Statistics Canada, teal gross domestic product (GDP) rose 0.3 percent in March as 15 of 20 industrial sectors grew, led by the mining, quarrying, and oil and gas extraction sector.

The output of goods-producing industries expanded 0.6 percent, mostly attributable to mining, quarrying, and oil and gas extraction. Manufacturing edged up while construction edged down.

Mining excluding oil and gas extraction (+0.8 percent) was up for a second month in a row after four months of declines. Metal ore mining edged up 0.1 percent, following four months of declines, as growth in iron ore (+8.9 percent) and gold and silver ore (+1.0 percent) mining more than offset a seventh consecutive decline in copper, nickel, lead and zinc mining (-4.7 percent) and other metal ore mining (-2.1 percent).

Support activities for mining and oil and gas extraction grew 2.1 percent in March as demand for drilling services increased.

Rail transportation increased 0.2 percent following two months of decline, as higher carloadings of grain and fertilizers and coal more than offset lower carloadings of metals and minerals and industrial and consumer products.

The manufacturing sector edged up 0.1 percent in March. The 0.3 percent growth in non-durable manufacturing was mostly offset by a 0.1 percent decrease in durable manufacturing.

Growth in non-durable manufacturing was led by a 7.0 percent increase in plastic and rubber products as plastic manufacturers built up their inventories. Chemical products manufacturing rose 2.9 percent with increases in most industry groups. Food manufacturing was down 2.5 percent as most industry groups declined.

In durable manufacturing, 6 of 10 subsectors increased. Machinery (-4.1 percent) manufacturing declined for the first time in five months. There were also declines in computer and electronic products (-2.0 percent) and electrical equipment (-1.8 percent) manufacturing, while transportation equipment (+1.2 percent), primary metal (+1.3 percent), miscellaneous (+2.8 percent) and wood products (+0.7 percent) manufacturing increased.

Construction (-0.1 percent) was down slightly in March as declines in residential (-0.7 percent) and repair (-0.3 percent) construction offset growth in engineering and other construction activities (+0.4 percent) and non-residential construction (+0.6 percent).

 


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