Canadian GDP up 0.2 percent in June, with 17 out of 20 industrial sectors showing growth

Friday, 30 August 2019 20:21:52 (GMT+3)   |   San Diego
       

According to Statistics Canada, real gross domestic product was up for the fourth consecutive month in June, rising 0.2 percent. Growth in 17 of 20 industrial sectors more than compensated for a decline in manufacturing. Goods-producing industries declined 0.2 percent as a result of lower manufacturing, largely offsetting the growth in May. Services-producing industries were up 0.3 percent.

The construction sector was up 0.7 percent in June, the third increase in four months. Residential construction grew 1.2 percent due to increases in single-unit construction and home alterations and improvements. Non-residential construction (+1.0 percent) rose for the sixth time in seven months. Repair construction expanded 1.3 percent, while engineering and other construction decreased 0.4 percent.

Mining, quarrying and oil and gas extraction increased 0.5 percent, as most subsectors expanded. Mining and quarrying (excluding oil and gas) declined 2.4 percent in June, following three months of growth, as all industry groups were down. Non-metallic (-3.6 percent) and metal ore (-1.4 percent) mining declined as a result of lower demand from international markets for commodities such as potash and iron ore. Coal mining decreased 2.5 percent. Support activities for mining and oil and gas extraction grew 1.8 percent, the third consecutive monthly increase, as all types of support activities were up.

Manufacturing contracted 1.4 percent in June, continuing its sequence of increases alternating with declines seen since the end of 2018. The decrease was largely influenced by lower inventory formation, with durable (-0.7 percent) and non-durable (-2.1 percent) manufacturing both down.


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