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Canadian GDP edged down 0.1% in February

Staff writer ▼ | May 2, 2016
After rising for four consecutive months, real gross domestic product in Canada edged down 0.1% in February.
Canada street
Canada   The output of goods-producing industries declined
The output of goods-producing industries declined in February, while the output of service-producing industries was essentially unchanged.

After increasing 0.9% in January, the output of goods-producing industries contracted 0.6% in February primarily as a result of decreases in manufacturing and mining, quarrying, and oil and gas extraction.

Declines were also registered in the agriculture and forestry sector as well as in utilities. Construction edged up.

The output of service-producing industries was essentially unchanged in February, after rising for four consecutive months.

A notable decline in wholesale trade was offset by gains in retail trade and, to a lesser extent, the public sector (education, health and public administration combined) and accommodation and food services.

Wholesale trade contracted 1.8% in February after rising the previous three months. Most subsectors were down. The largest decline in terms of output came from wholesalers of machinery, equipment and supplies, followed by the motor vehicles and parts and building material and supplies subsectors.

Retail trade expanded 1.4% in February, after rising 1.6% in January. Notable increases were posted at clothing and clothing accessories stores, food and beverage stores, and general merchandise stores (which include department stores).

After rising the previous three months, manufacturing output fell 0.8% in February.

Durable-goods manufacturing was down 1.8% in February, after expanding for three consecutive months. The decline in February was mainly the result of a decrease in transportation equipment manufacturing, which was widespread across the subsector.

The manufacturing of wood products, computer and electronic products, and furniture and related products was also down. In contrast, fabricated metal product manufacturing, primary metal manufacturing, machinery manufacturing and electrical equipment manufacturing were up.

Non-durable goods manufacturing rose 0.4%, a third consecutive monthly increase.

This was the result of a gain in chemical manufacturing, mainly pharmaceutical and medicine manufacturing. In contrast, petroleum and coal products manufacturing and, to a lesser extent, food manufacturing posted declines.