According to Statistics Canada, real natural resource gross domestic product (GDP), or the volume of economic activity attributable to natural resources, was up 1.8 percent in the second quarter, following a 0.3 percent decline in the first quarter. By comparison, real GDP for the total economy grew 0.7 percent.
Real GDP in the energy (+3.2 percent) and forestry (+3.2 percent) subsectors increased in the second quarter. The minerals and mining subsector real GDP decreased 3.6 percent in the second quarter as metallic mineral extraction fell 7.5 percent. This coincided with work stoppages at an iron ore mine in Newfoundland and Labrador throughout most of the quarter.
Natural resource activity totaled $243.5 billion (nominal terms, at annual rates) in the second quarter, accounting for 11.7 percent of Canada's GDP, up from an 11.4 percent share in the first quarter. This was the highest share since the fourth quarter of 2014, as energy prices continued to rise.
Natural resource prices increased 2.1 percent in the second quarter, with prices up in every subsector. Prices in the mineral and mining subsector rose 1.4 percent on higher coal prices (+8.6 percent).
Real natural resource exports grew 4.0 percent in the second quarter, following a 0.6 percent increase in the first quarter. Real exports in the mineral and mining subsector fell 1.0 percent, led by lower exports of metallic minerals (-17.0 percent) as work stoppages during the quarter negatively affected the production of iron ore.
Real natural resource imports (+9.5 percent) rose sharply in the second quarter. The energy subsector was up 16.5 percent, with a large increase in imports of refined petroleum products (+42.9 percent).
Real GDP of downstream activities grew 3.0 percent in the second quarter. Downstream forestry activities increased 4.6 percent while downstream mineral and mining activities rose 2.3 percent.