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July 29, 2022CANADA GDP BY INDUSTRY, MAY 2022 Month-over-month (May 2022 vs April 2022)
Real Gross Domestic Product (GDP) in Canada edged up slightly (+0.03%) to an annualized value of $2,055 billion (chained 2012 dollars at basic prices) in May 2022. This follows after growth of 0.3% in April.
Statistics Canada’s preliminary estimate for June 2022 real GDP shows a 0.1% increase on gains in construction, manufacturing, and accommodation and food industries.
Canada's goods-producing sector output decreased 1.0% from April to May 2022 with declines particularly concentrated construction (-1.6%, notably residential) and manufacturing (-1.7%, notably transportation equipment, chemicals and petroleum/coal products). Agricultural real GDP was up 1.6%; this was attributable to rising crop production from better seeding and precipitation conditions in Manitoba and Saskatchewan. Mining, oil and gas industries were down slightly (-0.1%) as a contraction in oil and gas output from oil sands was offset by gains in mining, support activities and conventional oil and gas production.
Real GDP in Canada's services-producing industries was up 0.4% from April to May. Arts, entertainment and recreation real GDP was up 2.6%. Transportation real GDP was up 1.9% with a 14.1% increase in air transportation and an 8.9% increase in urban transit systems. Accommodation and food services industries' real GDP grew for the fourth month in a row with a 1.9% gain in May (2.7% for food services and drinking places).
Year-to-Date (January-May 2022 vs January-May 2021)
The Canadian economy was 4.4% larger in the first five months of 2022 when compared to the same period in 2021.
Real GDP from goods producing industries was up 3.4% with year-to-date gains in all industries except agriculture, forestry and fishing (-0.5%).
Real GDP from services-producing industries was up 4.8% with the strongest increases in arts, entertainment and recreation (+58.2%) as well as accommodation and food services (40.3%). There were also notable increases in personal and repair services (9.6%), professional and technical services (7.6%), information and cultural industries (6.9%) as well as transportation and warehousing (9.2%). Real GDP from the (relatively small) management of companies and enterprises industry fell by 30.9%.
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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