Natural resource prices rise in most subsectors in the first quarter
Real gross domestic product (GDP) of the natural resources sector rose 1.6% in the first quarter of 2025, after edging up 0.2% in the fourth quarter of 2024. In comparison, economy-wide real GDP rose 0.5% in the first quarter of 2025, following a rise of 0.5% in the previous quarter. Natural resource prices rose 2.2% in the first quarter of 2025, with prices increasing in most subsectors. The minerals and mining (+2.6%) subsector was up the most, mainly due to increases in both metallic minerals extraction (+8.4%) and non-metallic minerals extraction (+2.9%).
Source: Natural resource indicators, first quarter 2025
Exports to countries other than the United States reach a record high in May
In May, Canada's merchandise exports were up 1.1%, while imports fell 1.6%. As a result, Canada's merchandise trade deficit with the world narrowed from a record $7.6 billion in April to $5.9 billion in May. Exports to countries other than the United States rose 5.7% in May to reach a record high. Meanwhile, imports from countries other than the United States decreased 2.0%.
Source: Canadian international merchandise trade, May 2025
Trade in services deficit widens in May
Canada's monthly international trade in services deficit widened from $0.4 billion in April to $0.8 billion in May. Overall, imports of services rose 1.8% to $18.6 billion, and exports of services edged down 0.2% to $17.9 billion. Imports of commercial services were up 4.2% to $10.8 billion in May, led by an increase in imports of financial services.
Source: Canadian international trade in services, May 2025
Cost to access streaming content on the rise in 2024
In recent years, many Canadians have been able to get a better deal on their cellphone bills. On an annual average basis, Canadians paid roughly half (-48.5%) in 2024 for cellular services than what they paid in 2019. Prices for Internet access services (-5.5%) also decreased over the same period. However, the cost to access streaming content has eaten into those savings. Prices for video and audio subscription services in 2024 have increased by more than one-fifth (+21.0%) from 2019, and by more than one-half (+52.7%) since 2014.
Source: The medium is cheaper—but the message is pricier
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