According to Statistics Canada, real gross domestic product (GDP) for the natural resources sector rose 3.6 percent in the second quarter, after falling for two consecutive quarters. This upturn was driven by a substantial increase in crude oil and bitumen extraction.
By comparison, real GDP for the total economy advanced 0.9 percent, after edging up 0.1 percent in each of the two previous quarters.
The minerals and mining subsector rebounded 1.5 percent, after two quarterly declines. Metallic mineral extraction was up 6.5 percent, largely due to increased mining of copper, nickel, lead, and zinc. Non-metallic mineral extraction declined 0.3 percent.
Natural resources export volumes rose 3.9 percent in the second quarter, after two quarterly declines. Both exports of energy (+5.7 percent) and exports of mineral resources (+3.0 percent) were up. Exports of forestry products decreased 3.7 percent, the fourth consecutive quarterly decline.
Import volumes of natural resources rose 3.5 percent, after three quarterly contractions. Imports of crude oil rebounded 3.7 percent in the second quarter, after falling 3.6 percent in the first quarter.
Overall, natural resource prices grew 3.8 percent in the second quarter, after rising 5.5 percent in the first quarter. Notable increases occurred in prices of crude oil (+13.1 percent) and metallic minerals (+7.0 percent).
Prices in the minerals and mining subsector increased 2.7 percent, after rising 1.8 percent in the first quarter. Prices in the forestry subsector were down for a third consecutive quarter. A 2.0 percent decline in the second quarter largely reflected weak international demand for forestry products.