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April 30, 2021CANADA GDP BY INDUSTRY, FEBRUARY 2021 Real Gross Domestic Product (GDP) in Canada increased 0.4% in February 2021, following 0.7% growth recorded in January. This gain was the 10th consecutive monthly gain after the steepest drops on record in March and April 2020. Services-producing industries supported the increase with a 0.6% increase while goods-producing sectors declined 0.2%. Overall, 14 of 20 industries expanded.
The Canadian economy was 2.2% smaller when compared to pre-pandemic February 2020 with an annualized value of $1,958 billion (chained 2012 dollars) in February 2021.
Statistics Canada’s preliminary estimate for real GDP points to an approximate 0.9% increase in March 2021, supported by increases in manufacturing, retail trade, and finance and insurance. The official GDP data for March 2021 will be published on June 1, 2021.
Goods-Producing Industries
Goods-producing sector output decreased 0.2% month-over-month in February with lower activity in manufacturing and mining, quarrying and oil and gas extraction.
Manufacturing real GDP was down 0.9% in February after a 1.5% gain last month. Durable manufacturing decreased 0.9% with transportation equipment subsector declining 4.2% with the global semiconductor shortage stalling production of motor vehicles and parts. Non-durable manufacturing decreased 1.0% with lower demand for plastic and rubber products, in part due to the motor vehicle slowdown. Food manufacturing was down 1.7% as there were temporary COVID-19 closures at several meat processing plants.
Mining, quarrying and oil and gas extraction declined for first time in past six months. Oil and gas extraction was down 3.9% with lower oil sands extraction in Alberta and decline in Newfoundland and Labrador offshore production. Metal ore mining, including both the copper, nickel, lead and zinc ore and the iron ore subsectors were down on lower international demand.
Construction activity increased 2.0% in February with increases in all subsectors. Residential building construction rose 4.7% over a month with record growth driven by home alterations and single-family home construction.
Services-Producing Industries
Output of services-producing sector increased 0.6% in February 2021.
Retail trade was up 4.5% in February with gains in 10 of 12 subsectors as many provinces lifted or eased lockdown measures. Clothing; sports goods, hobby, books and music stores; and furniture stores had double digit increases.
Professional service activity continued to expand with a 1.2% increase. Gains were in computer system design and related services and scientific research and development. Legal services gain from real estate transactions and offices of real estate agents and brokers was at another all-time high in February.
Public sector (educational services, health care and social assistance, and public administration) grew 0.6% in February with gain in all 3 subsectors.
Year-Over-Year (February 2021 vs February 2020)
Canadian real GDP was 2.2% lower when compared to the previous year.
Amid the COVID-19 pandemic and economic recovery, the largest declines in activity have been in arts, entertainment and recreation (-51.3%), accommodation and food services (-39.5%) and management of companies and enterprises (-19.7%). Activity increased the most in agriculture, forestry, fishing and hunting (+12.0%), , finance and insurance (+5.4%) and real estate and rental and leasing (+3.4%) from the same period last year.
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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