Real gross domestic product of natural resources sector down slightly in the third quarter
Real gross domestic product (GDP) of the natural resources sector edged down 0.1% in the third quarter of 2024, after an increase of 1.7% in the second quarter. In comparison, economy-wide real GDP rose 0.3% in the third quarter, following a rise (+0.5%) in the previous quarter.
Chart 1: Natural resources' real gross domestic product
Description - Chart 1
Data table: Natural resources' real gross domestic product
Source: Table 38-10-0285-01.
Changes in real GDP of the natural resources sector was mixed in the third quarter of 2024, with decreases in the forestry (-2.4%) and minerals and mining (-0.6%) subsectors, while the energy (+0.3%) and hunting, fishing and water (+0.2%) subsectors saw modest increases. The decrease in the forestry subsector was mainly driven by sawmill and wood products manufacturing (-6.5%), which was offset slightly by pulp and paper products (+2.5%). Trends in the minerals and mining subsector were mixed, with coal extraction (-8.6%) and non-metallic mineral products manufacturing (-3.8%) partially offset by an increase in non-metallic mineral extraction (+1.0%).
Quarterly import and export volumes move higher
Despite the slight decline in real GDP, natural resource export volumes increased 1.1% in the third quarter of 2024, following a decrease of 3.1% in the previous quarter. The increase was mainly attributable to the energy (+3.8%) and forestry (+0.3%) subsectors, and was partially offset by decreases in minerals and mining (-3.1%) and hunting, fishing and water (-5.0%). In the energy subsector, refined petroleum products (+16.9%) showed significant gains in the third quarter, recovering from a drop of 15.1% in the previous quarter.
Import volumes of the natural resources sector increased 3.1% in the third quarter, after decreasing 2.1% in the second quarter. The increase was widespread, with energy (+5.2%) leading the increase, driven by refined petroleum products (+8.1%) and crude oil (+4.8%). The forestry (+4.2%), minerals and mining (+1.4%) and hunting, fishing and water (+0.6%) subsectors all recorded increased import volumes in the third quarter. An increase in metallic mineral products (+11.5%) was partially due to higher imports of gold, silver, and platinum group metals.
Natural resource prices down, reversing the trend from the previous quarter
Natural resource prices decreased 2.3% in the third quarter, following an increase of 2.7% in the previous quarter. Prices declined in most subsectors, with energy (-3.6%) down the most, mainly due to crude oil (-6.3%) and refined petroleum products (-5.5%). Prices in the forestry subsector (-1.8%) were influenced by a decline in the prices of sawmill and wood products (-2.8%). Elsewhere, a slight decrease in prices associated with the hunting, fishing and water subsector (-0.1%) was offset by increases in minerals and mining prices (+0.4%).
Chart 2: Natural resource prices
Description - Chart 2
Data table: Natural resource prices
Source: Table 38-10-0285-01.
Natural resources' nominal gross domestic product decreases
In the third quarter, decreases in natural resource prices combined with the modest decrease in real GDP resulted in a 2.5% decline in natural resources nominal GDP. Expressed at an annual rate, natural resources' nominal GDP decreased to $340 billion in the third quarter, representing 11.8% of the Canadian economy.
Natural resource jobs up slightly
The number of jobs in the natural resources sector rose slightly in the third quarter, increasing by 0.3%. Increases in the energy (+1.0%) and minerals and mining (+0.1%) subsectors were the main contributors. These increases were partly offset by decreases in the forestry (-0.9%) and hunting, fishing and water (-0.4%) subsectors.
Chart 3: Changes in jobs, third quarter of 2024
Description - Chart 3
Data table: Changes in jobs, third quarter of 2024
Source: Table 38-10-0285-01.
Downstream activities
For analytical purposes, secondary and tertiary processing for the forestry and minerals and mining subsectors are identified separately. The nominal GDP of downstream activities, at $10.8 billion in the third quarter, was flat from the previous quarter. Prices rose slightly (+0.2%) for the third quarter, following an increase (+0.7%) in the second quarter.
Note to readers
Data on natural resources for the third quarter of 2024 have been released along with revised data starting from the first quarter of 2024.
The Natural Resource Indicators provide quarterly indicators for the main aggregates in the Natural Resources Satellite Account (NRSA), namely gross domestic product, output, exports, imports and employment. The estimates from this account are directly comparable with the estimates in the Canadian System of Macroeconomic Accounts.
Core natural resources: The NRSA defines natural resource activities as those that result in goods and services originating from naturally occurring assets used in economic activity, as well as their initial processing (primary manufacturing).
Downstream activities: Although not part of the core account, natural resources have important downstream effects on other sectors. In general, this production uses a large portion of primary manufactured products as inputs.
Jobs estimates reported in this release align with the noted definitions of natural resource subsectors. Consequently, these estimates may differ from those released by the labour productivity program.
Reference
Data table: 38-10-0285-01.
- Note: some data tables may best be viewed on desktop.
Definitions, data sources and methods: survey number 5367.
Previous release: Natural resource indicators, second quarter 2024.
Next release: March 24, 2025.
Contact information
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