|
|
| |
Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please "contact us" to request a format other than those available.
|
15-001-XIE Gross domestic product by industry February 2004 |
| Highlights
GDP remained unchanged in February after a decline of 0.2% in January. Increased retail and real estate activity largely offset weaker utilities, wholesaling, and transportation services. Strong sales of cars and resurgence in the housing market boosted the output of the retail and real estate sectors. However, this growth was offset by the return to more seasonal weather and some strikes which pulled down the utilities and the transportation activity.
Canadian industrial production declined 0.3% as utilities output returned to more normal levels. Industrial production in the U.S. showed a similar decline, also driven by lower output of utilities. Manufacturing output grew marginally. Mining also gained ground. Utilities subsided in FebruaryThe return to more normal weather in February following an exceptionally cold January pushed utilities production down 4.6%. Both electrical generation and transmission and natural gas distribution receded.
Wholesale activities contracted for a second monthThe output of the wholesale sector dropped 0.4%, partly due to a contraction in automotive wholesaling. Computer and grain dealers also experienced lower sales in February. This weakness was partly offset by machinery and lumber components that regained some strength after a sluggish January.Transportation eased backAfter registering a strong fourth quarter in 2003, transportation output eased back in 2004. It declined 0.8% in February after a drop of 0.4% in January. A strike in rail transportation, starting February 20, as well as a weaker manufacturing sector coupled with higher insurance costs resulted in decreased activity for both rail and truck transportation. Air transportation eased back for a second consecutive month after showing some signs of a pickup in the latter part of 2003.Car sales boost retailingRetail trade output advanced 2.3% in February. Automotive dealers, propelled by new incentives, registered strong activity in the showrooms after three months of contraction. A resurgence in the automotive components of the retail sector accounted for most of the increase, as retailers excluding automotives had a lacklustre gain of 0.2%. Sales at department stores and service stations were down significantly.
Resurgence in the housing marketReal estate agents saw their output advance 1.9% after 6 months of slowdown. Existing home sales bounced back after several sluggish months, and were particularly strong in Quebec, Ontario and British Columbia.Renewed strength in MiningMining rebounded 0.4% in February, thanks to sustained oil and gas extraction, fuelled by higher oil prices. Increased activity at Terra Nova contributed to most of this growth, while natural gas production edged down. Metal ore mining dropped 8.2% as strikes affected February’s output. Manufacturing edged upManufacturing production stayed virtually unchanged in February, increasing 0.1%. Strong increases were registered in fabricated metals products and machinery, mainly for aerospace production. Robust U.S. demand for these items pushed up exports of metal fabricated products and machinery. This growth was almost entirely offset by a sharp decline in tobacco products, caused by upcoming closures and already high inventory levels. Clothing manufacturers experienced difficulties in February, as both domestic and international demand were weak.Construction declined for a third month in a rowBoth residential and non-residential construction declined for the third consecutive month in February. Work on non-residential projects was the biggest contributor, dipping 2.9%. However, engineering construction rose for the seventh consecutive month, after the slump registered in early 2003. Housing starts increased 9.6% in February, regaining ground lost last month due to unseasonably harsh weather in some parts of the country. However, building permits dropped 5.9%.
|
|
|
