Canadian Economy Grew Slightly In September
SAINT JOHN — Canada’s economy once again grew slightly in September, according to new figures from Statistics Canada.
Real GDP grew by 0.1 percent, similar to the growth the nation’s economy went through over the last three months. Goods-producing industries led that growth, while services-producing industries were essentially unchanged.
Record-high crude bitumen production levels also contributed to growth in the goods-producing industries, according to StatCan.
The mining, quarrying, and oil and gas extraction sector rose 1.2 percent in September, which was the seventh increase in the last eight months.
Meanwhile, manufacturing declined for the fourth time in five months, bringing the sector’s activity back to its lowest level since January. A decline in non-durable goods manufacturing was partially offset by increased activity in durable goods manufacturing.
The construction sector expanded 0.5 percent, largely driven by a gain in engineering construction activity. There were also increases in non-residential building and repair construction.
Residential building construction was the only exception, recording a 0.6 percent decline that continued the downward trend that began back in April.
The agriculture, forestry, fishing, and hunting sector grew 0.8 percent, led by an increase in crop production. Increased production was largely driven by better growing conditions that led to higher-than-expected yields.
Services-producing industries were essentially unchanged in September despite a contraction in the majority of sectors, including a reduction in retail trade and wholesale trade activity.
The retail trade sector edged down 0.1 percent. The overall decline was offset by activity at gasoline stations. Wholesale trade also dropped 0.1 per cent, the third decline in four months.
The public sector — which includes educational services, health care and social assistance, and public administration combined — was essentially unchanged following four consecutive monthly gains.
StatCan said advance information indicates real GDP was essentially unchanged in October. The estimate will be updated on Dec. 23 with the release of the official GDP activity for October.
Brad Perry is the Regional News Director for New Brunswick at Acadia Broadcasting, Huddle content partners.