Gross domestic product by industry
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Real gross domestic product decreased 0.2% in February following a 0.5% increase in January. Manufacturing and, to a lesser extent, wholesale trade were the main sources of the decline. The decrease in manufacturing resulted in a 0.6% decline in goods-producing industries.
Service producing industries were essentially unchanged as increases in retail trade, professional and financial services as well as in the public sector were offset by decreases in wholesale trade and transportation services.
Manufacturing declines
After a 2.5% increase in January, manufacturing production fell 1.6% in February, with 16 of the 21 major groups decreasing. Although the reduction was broadly based in both durable and non-durable goods, manufacturers of motor vehicles and associated parts (-7.5%), machinery (-3.3%) and fabricated metal products (-2.7%) recorded the largest decreases. In contrast, wood product manufacturing increased.
Note to readers
The monthly gross domestic product (GDP) by industry data at basic prices are chained volume estimates with 2002 as their reference year. This means that the data for each industry and aggregate are obtained from a chained volume index multiplied by the industry's value added in 2002. For the 1997 to 2007 period, the monthly data are benchmarked to annually chained Fisher volume indexes of GDP obtained from the constant-price input-output tables.
For the period starting with January 2008, the data are derived by chaining a fixed-weight Laspeyres volume index to the prior period. The fixed weights are the industry output and input prices of 2007. This makes the monthly GDP by industry data more comparable with the expenditure-based GDP data, chained quarterly.
Revisions
With this release of monthly GDP by industry, revisions have been made back to January 2010. For more information about monthly GDP by industry, see the National Economic Accounts module on our website (www.statcan.gc.ca/nea-cen/index-eng.htm).
Wholesale trade down while retail up
Wholesale trade fell 1.0% in February following four consecutive monthly increases. The majority of the subsectors reported declines, with the largest in motor vehicles. Retail trade was up 0.6%, mainly as a result of increases at clothing and accessories stores.
Finance and insurance sector grows
The finance and insurance sector grew 0.2% in February. This was primarily a result of increased financial intermediation (lending and sales of mutual funds) and higher volume of trading on stock exchanges. Lower output was recorded for insurance carriers.
Construction edges up while real estate activity declines
Construction edged up 0.1%, as both non-residential building construction and engineering and repair work advanced. Residential construction was unchanged, as drops in single dwellings and renovations were offset by increases in other types of dwellings. Following six consecutive monthly increases, the output of real estate agents and brokers decreased, reflecting a reduction in sales of existing homes in all provinces except British Columbia.
Mining, oil and gas extraction is unchanged
Mining, oil and gas extraction was unchanged in February. Advances in mining (+0.9%) and in support activities (+2.1%) were offset by a 0.4% decline in oil and gas extraction.
Increases in the output of copper, nickel, lead and zinc mines led to the gain in mining. Conventional oil extraction also increased. However, non-conventional oil output declined, partly as a result of production difficulties and maintenance work. Natural gas extraction fell as well.
Transportation services decline
With the declines in manufacturing and wholesaling activities, truck transportation decreased in February. There was also a reduction in pipeline transportation of natural gas, as both domestic production and exports of that commodity fell.
Available on CANSIM: table 379-0027.
Definitions, data sources and methods: survey number 1301.
The February 2011 issue of Gross Domestic Product by Industry, Vol. 25, no. 2 (15-001-X, free), is now available from the Key resource module of our website under Publications.
Data on gross domestic product by industry for March will be released on May 30.
For more information, or to order data, contact the dissemination agent (toll-free 1-800-887-4623; 613-951-4623; iad-info-dci@statcan.gc.ca). To enquire about the concepts, methods or data quality of this release, contact Bernard Lefrançois (613-951-3622), Industry Accounts Division.
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