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June 01, 2021CANADA GDP BY INDUSTRY, MARCH 2021 With March reference month results, year-over-year (Mar 2021 vs Mar 2020) and year-to-date (Jan-Mar 21 vs Jan-Mar 20) are beginning to show the rebounds in economic activity from the unprecedented declines observed at the start of the COVID-19 pandemic.
Real Gross Domestic Product (GDP) in Canada increased 1.1% in March 2021, following 0.4% growth recorded in February 2021. This gain was the 11th consecutive monthly gain after the steepest drops on record in March and April 2020. Goods-producing sectors supported the increase with a 1.1% increase and services-producing industries increased 1.1%. Overall, 18 of 20 industries expanded.
The Canadian economy was 1.1% smaller when compared to pre-pandemic February 2020 with an annualized value of $1,980 billion (chained 2012 dollars) in March 2021.
Statistics Canada’s preliminary estimate for real GDP points to an approximate 0.8% decline in April 2021 on additional restrictions in some parts of the country, the first decline since April 2020. Decline in real GDP was contributed by decreases in retail trade, accommodation and food services, manufacturing, real estate and rental and leasing, and educational services. The official GDP data for April 2021 will be published on June 30, 2021.
Goods-Producing Industries
Goods-producing sector output increased 1.1% month-over-month in March 2021 with higher activity in construction, mining, quarrying and oil and gas extraction, manufacturing, and agriculture, forestry, fishing and hunting.
Construction activity increased 2.2% in March with increases in all subsectors. Residential building construction rose 4.1% over a month with record growth driven by single-family home construction and alterations and improvements.
Mining, quarrying and oil and gas extraction increased 1.9% in March. Oil and gas extraction was up 1.6% with higher oil sands extraction in Alberta. Oil and gas extraction (except oil and sands) was up 2.8% with higher crude petroleum and natural gas extraction. Metal ore mining, including the copper, nickel, lead and zinc ore, iron ore, and gold and silver ore subsectors were up on higher international demand.
Manufacturing real GDP was up 0.5% in March. Durable manufacturing increased 1.4% while non-durable manufacturing decreased 0.6%.
Utilities real GDP was down 1.0% with lower electric power generation, transmission and distribution and natural gas distribution.
Services-Producing Industries
Output of services-producing sector increased 1.1% in March 2021.
Accommodation and food services were up 5.0% in March with higher activity both in accommodation and food services. Accommodation services rose 11.1% as all travellers entering Canada by air required to stopover at a government-authorised hotel at the traveller’s expense started late February 2021.
Retail trade was up 3.7% in March, following a 5.9% increase in February with gains in 10 of 12 subsectors. Building material and garden equipment and supplies retailers and clothing had double digit increases.
Wholesale trade was up 1.8% in March with gains in 8 of 9 subsectors, following a 1.4% decline in February. Building material and supplies wholesaling increased 5.6% on higher demand for products both nationally and internationally. Machinery, equipment and supplies wholesaling increased 1.0% while farm product wholesaling declined 4.2%.
Professional service activity continued to expand with a 1.0% increase. Gains were in computer system design and related services and other professional, scientific and technical services, including scientific research and development services. Legal services gain from real estate transactions and offices of real estate agents and brokers was at another all-time high in March.
Public sector (educational services, health care and social assistance, and public administration) grew 0.8% in March with gains in all 3 subsectors.
March 2021 vs February 2020
Canadian real GDP was 1.1% lower when compared to February 2020.
Amid the COVID-19 pandemic and economic recovery, the largest declines in activity have been in arts, entertainment and recreation (-52.0%), accommodation and food services (-32.9%) and management of companies and enterprises (-19.8%). Activity increased the most in agriculture, forestry, fishing and hunting (+8.6%), retail trade (+7.7%), finance and insurance (+5.6%) and real estate and rental and leasing (+3.7%) from February 2020.
Year-Over-Year (March 2021 vs March 2020)
Canadian real GDP was 6.6% higher when compared to the previous year.
Amid the COVID-19 pandemic and economic recovery, the largest increases in activity have been in retail trade (+20.0%), healthy care and social assistance (+14.9%) and professional, scientific and technical services (+12.7%). Activity decreased the most in arts, entertainment and recreation (-25.6%) and management of companies and enterprises (-16.0%).
Year-to-Date (Jan-Mar 2021 vs Jan-Mar 2020)
The Canadian economy in the first three months of 2021 increased 0.6% compared to the same period in 2020.
Amid the COVID-19 pandemic and economic recovery, the largest increases in activity have been in agriculture,forestry, fishing and hunting (+8.7%), retail trade (+7.1%), and finance and insurance (+5.6%). Activity decreased the most in arts, entertainment and recreation (-46.4%), accommodation and food services (-27.6%) and management of companies (-18.4%).
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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