Analysis

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Real gross domestic product increased 0.3% in February mainly on the strength of manufacturing. The mining sector, with the exception of oil and gas extraction, also contributed to the growth in February. In addition, some industries benefited from the Olympic Winter Games held in Vancouver, such as performing and spectator sports, accommodation services, as well as radio and television broadcasting. Retail trade also advanced while wholesale trade and oil and gas extraction declined.

Manufacturing rises again

The output of the manufacturing sector grew 1.2% in February, with 14 of 21 major groups advancing. This increase accounted for nearly half of the overall growth in gross domestic product.

Durable goods manufacturing increased 1.4% led by fabricated metal products, non-metallic mineral products, as well as computer and electronic products. Manufacturers of non-durable goods increased their production 1.1%, notably of pharmaceuticals and beverages. The manufacturing of transportation equipment and of petroleum and coal products was down.

With the exception of oil and gas extraction, the mining sector increases

Overall, the mining sector increased 0.4% in February. Excluding oil and gas extraction, the sector grew 7.6% however. Support activities for mining and oil and gas extraction rose 12%, returning to the levels reached in the second half of 2008. As well, the output of potash mines and, to a lesser extent, of copper, nickel and coal mines increased. Conversely, oil and gas extraction decreased 1.8% with both oil and natural gas output declining. Two successive fires at some oil extraction facilities have led to reduced levels of production since December.

Wholesale trade falls

The volume of wholesaling activity declined 1.4% in February after five consecutive monthly increases. All major wholesale trade groups fell, with the exceptions of buildings materials, petroleum products and other products (which include fertilizers).

Retail trade continues to advance

Value added in retail trade was up 0.6%. There were notable increases at clothing stores, beer, wine and liquor stores, new car dealers, and gasoline stations. However, building and outdoor home supplies stores as well as home furnishings stores recorded significant declines.

Construction edges up

Construction edged up 0.1% as residential building construction grew 2.2%, while engineering and repair works as well as non-residential building construction declined.

The finance and insurance sector declines slightly

The finance and insurance sector declined 0.2% as the decrease in the volume of trading on the stock exchanges and in the activities of the insurance industries outweighed the increase in banking activities.