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- Canadian GDP edged down 0.1% in September, following seven consecutive months of growth
Canadian GDP edged down 0.1% in September, following seven consecutive months of growth
Real gross domestic product edged down 0.1% in September, following seven consecutive months of growth. Lower output across all goods-producing industries (-0.7%) was the main reason for the decline. The output of services-producing industries edged up 0.2% as growth in most sectors more than offset declines in wholesale trade and in finance and insurance. Overall, 10 of 20 industrial sectors declined in September.
There was a 1.2% contraction in mining and quarrying in September.
Oil and gas extraction fell 2.9% in September, the third decline in four months, as all types of extraction activities were down. Conventional oil and gas extraction was down 2.3%, more than offsetting the previous four monthly increases, as both crude petroleum and natural gas extraction contracted. Crude petroleum production in Newfoundland and Labrador was at its lowest level since June 2016, in part due to maintenance work at some facilities in September. Non-conventional oil extraction declined 3.6%, partly as a result of maintenance shutdowns at some facilities along with lower crude bitumen production in Alberta.
Support activities for mining and oil and gas extraction were down for the fourth time in five months, contracting 1.6% as all types of support activities declined.
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