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March 31, 2022CANADA GDP BY INDUSTRY, JANUARY 2022 Real Gross Domestic Product (GDP) in Canada increased 0.2% month-over-month to an annualized value of $2,017 billion (chained 2012 dollars) in January 2022. This was the eight consecutive month-over-month increase supported by higher activity in 9 of 20 industrial sectors. Goods-producing industries increased 0.8% in January compared to the previous month while activity in services-producing sector remained unchanged.
The Canadian economy was 0.4% bigger when compared to pre-pandemic February 2020 with an annualized value of $2,017 billion (chained 2012 dollars) in January 2022.
Statistics Canada’s preliminary estimate for real GDP shows 0.8% gain in February 2022. Gains in manufacturing, mining, quarrying, and oil and gas extraction, accommodation and good services, and construction were offset by declines in utilities. The official GDP data for February 2022 will be published on April 30, 2022.
Goods-Producing Industries
Goods-producing sector output increased 0.8% month-over-month in January 2022.
Utilities activity increased 4.0% in January from the previous month, posting the largest month-over-month gain since January 2016. Heating demand in Western Canada increased due to low seasonal temperatures.
Construction activity increased 2.8% in January supported by gain in all subsectors. Residential building construction increased 4.3%. This was the largest month-over-month gain since March 2021 and more than offset the declines reported in the previous two months. Non-residential building construction increased 0.5% driven by gains in engineering and other construction activities and repair construction (both +2.4%).
Mining, quarrying, and oil and gas extraction declined 1.2% in January as all subsectors contracted. Oil and gas extraction decreased 1.3% in January due to lower crude bitumen and synthetic crude production in Alberta. Mining and quarrying (except oil and gas) was down 1.1%. Declines in metal ore mining (-4.8%) offset gains in coal mining (+11.9%) and non-metallic mineral mining (+0.7%). Support activities for mining, and oil and gas extraction were down 1.1% in January.
Services-Producing Industries
Output of the services-producing sector remained unchanged in January 2022.
Wholesale trade increased 3.1% in January. This was the largest month-over-month gain since July 2020 and the sixth consecutive month of growth. Machinery, equipment and supplies wholesaling rose 5.5%. The building material and supplies wholesaling subsector rose 6.3% in January 2022, driven by increases in all industries comprising the subsector. Following three months of growth, the motor vehicle and motor vehicle parts and accessories wholesaling subsector contracted 5.1% in January due to lower exports and imports of motor vehicles and parts.
Retail trade was up 2.5% with 10 of 12 subsectors posting gains. The primary contributor to January's growth was higher activity at motor vehicle and parts dealers (+5.1%). Gains in building material and garden equipment and supplies (+8.8%) and furniture and home furnishings stores (+9.2%) further contributed to growth. Clothing and clothing accessories activity declined 2.8% in January following an 11.5% drop in December.
Accommodation and food services sectors decreased 11.5% in January posting the largest drop since April 2020. Food services and drinking places were down 10.2% with lower activity at all types of establishments in all provinces. Accommodation services activity was down 14.7% in January due to lower international travellers and domestic travel demand.
Transportation and warehousing services declined 3.0% in January after seven months of growth. Air transportation declined 28.1% due to lower movement of passengers and goods. With a return to online learning for students and closures and reduction of capacity limits for businesses, urban transit was down 27.3%.
Arts, entertainment and recreation sector decreased 10.8% in January with decline in both subsectors. Amusement, gambling and recreation declined 11.6% in January reflecting the closures of casinos, bingo halls and other gaming terminals in Quebec and Ontario. Performing arts, sports and heritage institutions were down 9.5% in January as attendance at cultural and sporting events was greatly reduced.
January 2022 vs February 2020
Canadian real GDP was 0.4% higher when compared to February 2020.
Amid the COVID-19 pandemic and recovery to date, the service sectors with the current largest declines in activity are in management of companies and enterprises (-49.7%), arts, entertainment and recreation (-32.0%), accommodation and food services (-22.0%), and transportation and warehousing (-16.1%). For January 2022, all goods-producing industries were at lower levels of activity than February 2020 except construction (+2.5%), utilities (1.9%) and agriculture, forestry, fishing and hunting (+0.1%).
Activity has increased the most in finance and insurance (+7.5%), wholesale trade (+5.5%) and professional, scientific and technical services (+5.5%), real estate and rental and leasing (+4.8%), and retail trade (+4.2%).
Year over Year (Jan 2022 vs Jan 2021)
The Canadian economy was 3.5% higher in January 2022 when compared to the same period in 2021.
Compared to January 2021, the largest increases in activity have been in arts, entertainment and recreation (+37.7%), accommodation and food services (+27.0%), and other services (+7.9%).
Activity decreased in management of companies (-31.4%) and agriculture, forestry, fishing and hunting (-1.4%).
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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