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October 31, 2024CANADA GDP BY INDUSTRY, AUGUST 2024 Month-over-month (August 2024 vs July 2024)
Real Gross Domestic Product (GDP) in Canada edged down 0.02% in August following a revised 0.12% growth in July 2024.
Real GDP in Canada's goods producing industries was down 0.4% from July to August 2024.
Real GDP in Canada's services-producing industries was up 0.1% from July to August 2024.
In August 2024, 12 industries reported higher real GDP compared to the previous month. Among broad industries, monthly GDP gains were strongest for mining/oil/gas, retail, finance/insurance and public administration. The largest declines were reported for management of companies, utilities and manufacturing.
Year-to-date (January-August 2024 vs January-August 2023)
The Canadian economy was 1.1% larger in January-August 2024 when compared to the same period of 2023.
Real GDP from goods producing industries was down 1.0% with losses across most industries except agriculture/forestry/fishing (+1.4%) and mining/oil/gas (+4.7%). Both construction (-2.3%) and manufacturing (-2.9%) reported substantial declines in real GDP.
Real GDP from services-producing industries was up 1.8% with gains in most industries. The year-to-date real GDP declines were in company management (-32.3%, though this is a small industry) and administrative/support/call centres (-0.5%). The strongest increases were in transportation/warehousing (+3.1%), health/social assistance (+2.8%), and education (+2.7%).
Source: Statistics Canada, Table 36-10-0434-01 Gross domestic product (GDP) at basic prices, by industry, monthly (x 1,000,000)
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