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Economic activity increased 0.2% in October, after growing 0.1% in September. These increases occurred as the dollar appreciated significantly vis-à-vis its US counterpart in both months. Both the goods- and services-producing industries advanced. Increases in manufacturing and wholesale trade propelled the growth, while a decline in mining dampened it. Growth was also recorded in the financial sector and retail trade. Conversely, agriculture and forestry declined.
Wholesale trade continues to rise significantly
Wholesale trade rose 1.5% in October. Widespread gains pushed wholesale forward for the sixth consecutive month. The wholesaling of building materials, machinery and electronic equipment, automotive products, and personal and household goods all posted significant increases. These increases were dampened by declines in the wholesaling of grains, farm and petroleum products.
Manufacturing sector rises in October
Manufacturing output increased 0.8% in October, after declining for two months. This growth came mainly from higher production of durable goods, helped in part by increased foreign demand. The growth in manufacturing occurred while the dollar appreciated 5.1% in October and 3.2% in September with respect to its US counterpart.
Note to readersThe monthly gross domestic product (GDP) by industry data are chained volume estimates with 2002 as their reference year. This means that the estimates for each industry and aggregate are obtained from a chained volume index multiplied by the industry's value added in 2002. For the 1997 to 2004 period, the monthly estimates are benchmarked to annually chained Fisher volume indexes of GDP obtained from the constant-price input-output tables. For the period starting with January 2005, the estimates are derived by chaining a fixed-weight Laspeyres volume index to the prior period. The fixed weights are the industry output and input prices of 2004. This makes the monthly GDP by industry estimates more comparable with the expenditure-based GDP data, chained quarterly. Revisions With this release of monthly GDP by industry, revisions have been made back to January 2007. For more information about monthly GDP by industry, see the National economic accounts module on our website (http://www.statcan.gc.ca/nea). |
The production of durable goods (+1.5%) significantly outpaced the decline of non-durable goods (-0.3%). Of the 21 major manufacturing groups, 11 increased, these accounting for 74% of total manufacturing value added.
Manufacturing of motor vehicles, machinery, and primary and fabricated metal products propelled the increase. The declines in refineries, sawmills, and the manufacturing of paper products partially offset the gains. The volume of manufacturing inventories declined for a third straight month.
Energy sector retreats
The energy sector slipped 0.9% in October. Natural gas and petroleum extraction contracted 1.8%. Notable declines in output occurred in Eastern Canada due to production difficulties. Electricity production edged forward 0.6% in October, while natural gas distribution advanced at a rapid pace (+3.7%).
The output of the mining sector excluding oil and gas fell 2.1% in October. Both metal ore (-1.5%) and non-metallic mineral mines (-2.9%) lost ground. However, mining support activities (which include oil and gas exploration) leaped 3.5%. In particular, the amount of contract drilling was up.
Industrial production (the output of mines, utilities and factories) increased 0.1% in October. The strength in manufacturing and utilities was partially offset by the decline in mining. In the United States, industrial production decreased 0.7% in October, with all three sectors losing ground.
Retail trade advances
The value added by retail trade advanced 0.3% in October. A surge in activity by new car dealers, gasoline stations, building and outdoor home supplies stores, and pharmacies propelled the sector. However, the activity by clothing, convenience, and general merchandise stores (which include department stores) retreated.
Construction up slightly
The construction sector edged up 0.1% in October. The increases in non-residential building construction (+0.2%) and engineering and repair work (+0.4%) slightly outpaced the drop in residential construction (-0.6%). The strength in commercial buildings was partially offset by the declines in industrial and public building construction. The gains in the construction of apartments and in residential alterations and improvements work were not enough to offset the decline in single-family home construction.
Despite a general downward trend over the last few months, the home resale market registered a slight increase for October. As a result, the real estate agents and brokers industry posted a gain of 0.6% for the month.
Other industries
Activities in the finance and insurance sector increased 0.5%. Strong trading on the stock markets, combined with healthy sales of mutual funds, fuelled the sector. There was, however, a decline in new issues of securities. The forestry sector (-0.5%) continued to be affected by a major labour dispute that ended toward the end of October.
Available on CANSIM: table 379-0027.
Definitions, data sources and methods: survey number 1301.
The October 2007 issue of Gross Domestic Product by Industry, Vol. 21, no. 10 (15-001-XWE, free), is now available from the Publications module of our website.
Data on gross domestic product by industry for November 2007 will be released on January 31, 2008.
For general information or to order data, contact our dissemination agent (toll-free 1-800-887-4623; 613-951-4623; iad-info-dci@statcan.gc.ca). For more information, or to enquire about the concepts, methods or data quality of this release, contact Bernard Lefrançois (613-951-3622), Industry Accounts Division.
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