The Daily — Gross domestic product by industry, February 2024 (2024)

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Released:2024-04-30

Real GDP by industry

February2024

0.2%The Daily—Gross domestic product by industry, February 2024 (1)

(monthly change)

Source(s): Table 36-10-0434-01.

Real gross domestic product (GDP) increased0.2% in February, following a0.5% gain in January. Services-producing industries (+0.2%) led the growth for a second month in a row, fuelled by gains in transportation and warehousing. The goods-producing industries aggregate was essentially unchanged as the mining, quarrying, and oil and gas extraction sector expanded while the utilities and manufacturing sectors contracted in February. Overall,12of20sectors increased in the month.

Chart1
Real gross domestic product grows0.2% in February

Transportation and warehousing increases on broad-based growth

Transportation and warehousing increased1.4% in February, the largest monthly growth rate since January2023, as six of nine subsectors were up. A rebound in rail transportation (+5.5%) contributed the most to the increase in February2024as activity returned to normal following January's cold snap in Western Canada.

Air transportation rose4.8% in February, its largest growth rate since May2022. This seventh consecutive monthly increase was driven by growth in international travel as some carriers increased flight capacity to Asia to reflect higher demand for travel leading up to the Lunar New Year. The accommodation subsector (+1.1%) also expanded as the number of overseas travellers entering Canada rose in February2024.

Pipeline transportation increased1.6% in February, partially offsetting a decline of1.9% in January. Crude oil and other pipeline transportation rose3.4% in February, reflecting higher exports of the commodity, while pipeline transportation of natural gas edged down0.2%.

Public sector continues to grow but at slower pace

The public sector (consisting of educational services, health care and social assistance and public administration) grew0.2% in February, following a1.9% increase in January.

The educational services sector edged up0.1% in February following a6.1% gain in January, when activity rebounded from the declines in the previous two months attributed to the Quebec public sector workers' strike. The elementary and secondary schools industry group grew0.3% in February, even as rotating strikes by the Saskatchewan Teachers' Federation dampened some of the growth.

Mining, quarrying, and oil and gas extraction expands for the fourth time in five months

After declining2.3% in January, mining, quarrying, and oil and gas extraction increased2.5% in February, expanding for the fourth time in five months.

Chart2
Mining, quarrying, and oil and gas extraction fully recoups January's decline

Oil and gas extraction expanded3.3% in February, partially offsetting January's contraction when extreme cold across the Prairies impacted production. In February all types of production were up, led by a4.4% increase in oil and gas extraction (except oil sands) as both higher natural gas extraction and crude petroleum extraction contributed to the growth. Oil sands extraction rose2.1%, led by higher crude bitumen extraction in Alberta.

Mining and quarrying (except oil and gas) increased1.9% in February, more than offsetting the January decline. Metal ore mining was up2.3% as most types of mining activities were up. Gold and silver ore mining was up for the third month in a row, rising4.4% in February, as multiple gold mines in Canada increased production, coinciding with all-time high exports of gold.

The utilities sector contracts

Chart3
Utilities sector contracts in February

The utilities sector contracted2.6% in February, partially offsetting an increase of3.2% in January, when an extreme cold snap in Western Canada contributed to elevated demand for heating-related purposes. The electric power generation, transmission, and distribution industry (-2.8%) contributed the most to the decrease, as demand for heating-related purposes dropped following the increase in January and lower reservoir levels continued to impact hydroelectric power generation. Natural gas distribution (-2.6%) also recorded a decline in February, particularly due to residential customers, largely offsetting the gain recorded in the previous month.

Manufacturing decreases driven in large part by a decline in transportation equipment manufacturing

The manufacturing sector declined0.4% in February, driven by declines in transportation equipment manufacturing and chemical products manufacturing. Transportation equipment manufacturing contracted2.9% as six of seven industries comprising the subsector were down. Motor vehicle and parts manufacturing was the largest contributor to the decline, as shutdowns for retooling activity continued to impact production.

Gains in machinery manufacturing (+2.5%) and computer and electronic product manufacturing (+5.1%) tempered the decline in the overall sector.

Finance and insurance up for third consecutive month

Finance and insurance increased0.3% in February, rising for a third consecutive month. Financial investment services, funds and other financial vehicles (+1.4%) drove the increase in February. Increases in mutual fund and equity activity drove the gains, as expectations regarding interest rate announcements led to higher-than-normal activity in the month.

Credit intermediation and monetary authorities edged up0.2% in February with increases in mortgage and non-mortgage loans as well as fixed-term deposits contributing to the increase. Fixed-term deposits have been trending up since the beginning of2022when interest rates began to rise.

Chart4
Main industrial sectors' contribution to the percent change in gross domestic product in February

Advance estimate for real gross domestic product by industry for March2024

Advance information indicates that real GDP was essentially unchanged in March. Increases in utilities and real estate and rental and leasing were offset by decreases in manufacturing and retail trade. Owing to its preliminary nature, this estimate will be updated on May31,2024, with the release of the official GDP by industry data for March.

With this advance estimate for March, information on real GDP by industry suggests that the economy expanded0.6% in the first quarter of2024. The official estimate for the first quarter will be available on May31,2024, when the official estimate of real GDP by income and expenditure is released.

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Table1Monthly gross domestic product by industry at basic prices in chained (2017) dollars – Seasonally adjusted


Sustainable development goals

On January1,2016, the world officially began implementing the 2030Agenda for Sustainable Development—the United Nations' transformative plan of action that addresses urgent global challenges over the following15years. The plan is based on17specific sustainable development goals.

The release on gross domestic product by industry is an example of how Statistics Canada supports monitoring the progress of global sustainable development goals. This release will be used to help measure the following goal:

The Daily—Gross domestic product by industry, February 2024 (10)

Note to readers

Monthly data on gross domestic product (GDP) by industry at basic prices are chained volume estimates with2017as the reference year. This means that the data for each industry and each aggregate are obtained from a chained volume index multiplied by the industry's value added in2017. The monthly data are benchmarked to annually chained Fisher volume indexes of GDP obtained from the constant-price supply and use tables (SUT) up to the latest SUT year (2020).

For the period starting in January2021, data are derived by chaining a fixed-weight Laspeyres volume index to the prior period. The fixed weights are2020industry prices.

This approach makes the monthly GDP by industry data more comparable with expenditure-based GDP data, which are chained quarterly.

All data in this release are seasonally adjusted. For information on seasonal adjustment, see Seasonally adjusted data – Frequently asked questions.

An advance estimate of industrial production for March2024is available upon request.

For more information on GDP, see the video "What is Gross Domestic Product (GDP)?."

Revisions

Each month, newly available administrative and survey data from various industries in the economy are integrated, resulting in statistical revisions. Updated and revised administrative data (including taxation statistics), new information provided by respondents to industry surveys, and standard changes to seasonal adjustment calculations are incorporated with each release.

With this release of monthly GDP by industry, revisions have been made back to January2023.

The February advance estimate presented in the previous release was updated in the current reference month. Updated data for the manufacturing, mining, quarrying and oil and gas extraction and retail trade sectors contributed the most to the estimate update.

To satisfy the opposing goals for both timeliness and accuracy, Statistics Canada regularly updates (revises) its estimates of GDP. For more information about GDP revisions cycles, please consult the "Revisions to Canada's GDP" article in the Latest Developments in the Canadian Economic Accounts (Catalogue number13-605-X).

Real-time table

Real-time table36-10-0491-01will be updated on May13,2024

Next release

Data on real GDP by industry for March will be released on May31.

Products

The User Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-606-G) is available.

The Methodological Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-607-X) is also available.

The Economic accounts statistics portal, accessible from the Subjects module of the Statistics Canada website, features an up-to-date portrait of national and provincial economies and their structure.

Contact information

For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).

The Daily — Gross domestic product by industry, February 2024 (2024)
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