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October 29, 2021CANADA GDP BY INDUSTRY, AUGUST 2021 With August reference month results, year-over-year (August 2021 vs August 2020) and year-to-date (Jan-Aug 21 vs Jan-Aug 20) are showing 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 0.4% in August 2021, following a 0.1% decrease in July 2021. For the month, activity was up in 15 of 20 industrial sectors, led by gains in accommodation and food services, retail trade and transportation as public health restrictions eased. Good-producing industries (-0.1%) had a decline in the month.
The Canadian economy was 1.4% smaller when compared to pre-pandemic February 2020 with an annualized value of $1,973 billion (chained 2012 dollars) in August 2021.
Statistics Canada’s preliminary estimate for real GDP points to activity being essentially unchanged in September. Widespread increases in mining, quarrying, and oil and gas extraction, wholesale trade, and transportation were offset by significant decline in transportation equipment manufacturing and a decline in retail. The official GDP data for September 2021 will be published on November 30, 2021.
Goods-Producing Industries
Goods-producing sector output declined 0.1% month-over-month in August 2021 with a second significantly monthly decline in agriculture, forestry, fishing and hunting. Record-setting heat and drought condition in Western Canada impacted the sector. Crop production (except cannabis) was down 10.9% following 13.2% in July with levels falling to lowest levels since 2003. Forestry and logging contracted due to forest fires disrupted production in British Columbia and Ontario. Animal production and aquaculture was down with increased cattle culling as drought condition lessened animal feed.
Manufacturing grew 0.5% in August after 1.6% decline last month. Non-durable contributed to most of the increase with growth in chemical, plastic and rubber products offsetting decline in meat product manufacturing and grain and oilseed milling. Durable goods edged up 0.1% with increases in fabricated metal, computer and electronic products, and non-metallic mineral products and declines in transportation equipment (-1.7%), primary metal, and wood product manufacturing
Mining and quarrying was up 1.7% on higher coal, metal ore and non-metallic mineral mining. Oil and gas extraction was down 1.6% with lower oil sands extraction. Support activities expanded 4.3% in higher rigging and mining support activities.
Construction activity was essentially unchanged with lower residential construction (-0.8%) offset by growth in repair construction, engineering, and non-residential building construction.
Services-Producing Industries
Output of the services-producing sector increased 0.6% in August 2021, following a 0.4% increase in July.
With easing of public health measure, the accommodation and food services sectors increased 7.0% in August , following gains of 10.3% in July and 12.1% in June. Food services and drinking place was 5.4% with summer weather, expanded patio capacity and loosened restriction on indoor dining across the country. Accommodation services gained 11.3% in August with strong gains in traveller accommodations, recreational vehicle parks and recreational camps, rooming and boarding houses. Domestic and international travel drove demand for hotel and motel rooms with fully vaccinated US residents eligible for entry to Canada for tourism as of August 9.
Arts, entertainment and recreation sector was up 6.4% with increases in all forms of activities. Attendance limits at large out-door gathering events began to decrease.
Transportation and warehousing grew 1.2% with air transportation (+24.2%) leading the way on it's sixth monthly double-digit increase. Air transportation remains 77% below pre-pandemic levels of activity. Rail (+1.9%) and pipeline (+0.9%) transportation were up in August while warehousing and storage (-1.4%) declined for first time since September 2020.
Retail trade increased 1.8% to offset the 0.6% decline last month with 9 of 12 subsectors posting gains. Food and clothing stores posted largest gains while furniture and motor vehicles declined amid global supply chain constraints.
Other services rose 1.8% on personal and laundry services and repair and maintenance as public health restrictions eased.
Finance and insurance had a broad-based 0.5% gain in August. Banking and monetary authorities (+0.5%) activity increased with interest earned on deposits and loans at charted banks. Atypical activity in mutual funds contributed to growth in banking and financial investment services, funds, and other financial vehicles. Insurance carriers and related activities also continued to trend upward.
The public sector was unchanged with increases in educational services (+0.5%) and health care and social assistance (+0.1%) offsetting lower public administration (-0.6%).
August 2021 vs February 2020
Canadian real GDP was 1.4% lower when compared to February 2020.
Amid the COVID-19 pandemic and recovery to date, the sectors with the current largest declines in activity are in arts, entertainment and recreation (-42.5%), and management of companies and enterprises (-30.0%), accommodation and food services (-17.5%), and transportation and warehousing (-16.2%). For August 2021, all goods-producing industries were at lower levels of activity than February 2020. Activity has increased in some private service sectors compared to February 2020: finance and insurance (+6.0%), information and cultural (+3.1%), retail trade (+4.5%), real estate and rental and leasing (+2.4%), and professional, scientific and technical services (+1.5%). Public sector GDP has increased from February 2020.
Year-Over-Year (August 2021 vs August 2020)
Canadian real GDP was 4.1% higher than in August 2020. The largest increases, in percentage terms, have been in accommodation and food services, arts, entertainment and recreation, mining, quarrying and oil and gas extraction, health care and social assistance, and other services (personal, repair). Agriculture, forestry, and fishing, utilities, and management of companies and wholesale trade had lower GDP in August 2021 than August 2020.
Year-to-Date (Jan-Aug 2021 vs Jan-Aug 2020)
The Canadian economy in the first eight months of 2021 increased 6.0% compared to the same period in 2020.
Compared to the same period last year, the largest increases in activity have been in health care and social assistance (+12.0%), retail trade (+10.9%), and other services (+8.1%). Activity decreased the most in arts, entertainment and recreation (-16.0%) and management of companies (-17.8%).
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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