Natural resources real gross domestic product falls in the first quarter
Real gross domestic product (GDP) of the natural resources sector decreased 0.2% in the first quarter after dropping 1.8% in the fourth quarter of 2022.
In contrast, the economy-wide real GDP rose 0.8% in the first quarter after remaining steady (+0.0%) in the fourth quarter of 2022.
The decrease in real GDP in the first quarter was driven by declines in the forestry (-1.3%) and minerals and mining (-0.8%) subsectors. The energy subsector (+0.1%) grew slightly in the first quarter after decreasing 1.7% in the previous quarter. The decline in forestry was driven by a decrease in demand for primary sawmill and wood products (-3.7%) due to slowdowns of new construction and renovations during the first quarter. In the minerals and mining subsector, increased real GDP of coal (+10.7%) partially offset the decline of non-metallic minerals (-6.0%).
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