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Released:2024-06-28
Real GDP by industry
April2024
0.3%
(monthly change)
Source(s): Table 36-10-0434-01.
Real gross domestic product (GDP) grew0.3% in April, after being essentially unchanged in March. Both goods-producing (+0.3%) and services-producing (+0.3%) industries contributed to the growth with15of20sectors increasing in the month.
Chart1
Real gross domestic product grows in April
Rebounds in several industries contribute to the gain
Wholesale trade, mining, quarrying, and oil and gas extraction and manufacturing were the largest contributors to growth in April after recording declines in the previous month. Following two consecutive monthly decreases, retail trade was also among the top drivers of growth in April, led by food and beverage retailers and gasoline stations which rebounded from declines recorded in previous months.
Wholesale trade expands on increases in most subsectors
Chart2
Wholesale trade expands on increases in most of its subsectors in April
Wholesale trade expanded2.0% in April, which more than offset the decrease in March, with most subsectors posting increases in April. Motor vehicle and motor vehicle parts and accessories wholesaling (+8.0%) led the growth, with its largest monthly growth rate since October2021. The motor vehicle industry group was the largest contributor to growth in the sector in April2024, and increased activity coincided with an increase in motor vehicle manufacturing as well as an increase in imports of passenger cars and light trucks.
Personal and household goods rose3.5% in April, further contributing to the sector's growth, as higher personal goods, toiletries and cosmetics, and pharmaceutical wholesaling led the gain.
Mining, quarrying, and oil and gas extraction rises in April
Mining, quarrying, and oil and gas extraction rose1.8% in April in large part due to increases in support activities for mining and oil and gas extraction (+6.9%). The rise was buoyed by broad-based expansion in all forms of supporting activities.
The oil and gas extraction subsector grew1.2% in April, up for the sixth time in seven months, with the increase largely driven by oil sands extraction. The subsector expanded2.1% in April, led by higher synthetic crude production and crude bitumen extraction in Alberta. Oil and gas extraction (except oil sands) also contributed to the gain, rising0.4% in April, as higher oil extraction off Newfoundland and Labrador's coast more than offset lower oil extraction in Western Canada.
Mining and quarrying (except oil and gas) increased0.3% in April after contracting in March. Growth in metal ore mining (+1.6%) and coal mining (+2.4%) was partially offset by a decrease in non-metallic mineral mining and quarrying (-4.0%) as temporary shutdowns at potash and salt mines led to lower production in the month.
Manufacturing sector rises in April
Chart3
Manufacturing sector expands in April
After contracting for two consecutive months, the manufacturing sector expanded0.4% in April. Coming off of four consecutive monthly declines, the durable goods manufacturing aggregate (+0.6%) contributed the most to growth, with transportation equipment manufacturing (+1.9%) driving the gain. Despite ongoing retooling activities, the motor vehicle and parts industry increased production in the month.
Non-durable goods manufacturing rose0.2% in April following two consecutive monthly declines. Chemical manufacturing (+2.6%) contributed the most to growth, driven by a gain in pharmaceutical and medicine manufacturing which rebounded from a decline in the previous month. Petroleum and coal product manufacturing (-3.6%) tempered growth in the non-durable goods manufacturing aggregate, with petroleum refineries declining4.9% in April. A larger-than-normal number of facilities undertook spring turnaround and maintenance in the month. This was the largest contraction for the subsector since April2021.
Finance and insurance increases for the second time in three months
Finance and insurance increased0.4% in April2024, following a0.3% decline in March. Financial investment services, funds and other financial vehicles increased1.5% in April, reflecting volatility in financial markets that occurred in the month. Ongoing geopolitical tensions as well as uncertainty regarding interest rate announcements led to higher-than-normal activity in North American markets in April.
Arts, entertainment and recreation continue to grow, buoyed by spectator sports
The arts, entertainment and recreation sector (+0.9%) rose for the second consecutive month in April. Contributing the most to the growth in April was an increase in spectator sports as four Canadian hockey teams qualified for the National Hockey League playoffs that started in the second half of the month.
The accommodation and food services sector (+1.2%) also expanded in April, as both the accommodation services subsector (+2.1%) and the food services and drinking places subsector (+0.9%) rose.
Construction down in April as residential building construction contracts
The construction sector was down0.4% in April, after recording in March its largest growth rate since October2022. Residential building construction was the main source of the decline in the sector, contracting2.3% in April2024, which was its largest decline since May2023. The decline in April2024reflected decreased activity in the construction of new single and multi-unit family homes and in home alterations and improvement. The subsector's activity level in April was close to24% below its peak observed in April2021.
Chart4
Main industrial sectors' contribution to the percent change in gross domestic product in April
Advance estimate for real gross domestic product by industry for May2024
Advance information indicates that real GDP rose0.1% in May. Increases in manufacturing, real estate and rental and leasing and finance and insurance were partially offset by decreases in retail trade and wholesale trade. Owing to its preliminary nature, this estimate will be updated on July31,2024, with the release of the official GDP by industry data for May.
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Table1Monthly gross domestic product by industry at basic prices in chained (2017) dollars – Seasonally adjusted
Sustainable development goals
On January1,2016, the world officially began implementing the 2030Agenda for Sustainable Development—the United Nations' transformative plan of action that addresses urgent global challenges over the following15years. The plan is based on17specific sustainable development goals.
The release on gross domestic product by industry is an example of how Statistics Canada supports monitoring the progress of global sustainable development goals. This release will be used to help measure the following goal:
Note to readers
Monthly data on gross domestic product (GDP) by industry at basic prices are chained volume estimates with2017as the reference year. This means that the data for each industry and each aggregate are obtained from a chained volume index multiplied by the industry's value added in2017. The monthly data are benchmarked to annually chained Fisher volume indexes of GDP obtained from the constant-price supply and use tables (SUT) up to the latest SUT year (2020).
For the period starting in January2021, data are derived by chaining a fixed-weight Laspeyres volume index to the prior period. The fixed weights are2020industry prices.
This approach makes the monthly GDP by industry data more comparable with expenditure-based GDP data, which are chained quarterly.
All data in this release are seasonally adjusted. For information on seasonal adjustment, see Seasonally adjusted data – Frequently asked questions.
An advance estimate of industrial production for May2024is available upon request.
For more information on GDP, see the video "What is Gross Domestic Product (GDP)?."
Revisions
Each month, newly available administrative and survey data from various industries in the economy are integrated, resulting in statistical revisions. Updated and revised administrative data (including taxation statistics), new information provided by respondents to industry surveys, data confrontation, the reconciliation process, as well as standard changes to seasonal adjustment calculations are incorporated with each release.
With this release of monthly GDP by industry, revisions have been made back to January2023.
To satisfy the opposing goals for both timeliness and accuracy, Statistics Canada regularly updates (revises) its estimates of GDP. For more information about GDP revisions cycles, please consult the "Revisions to Canada's GDP" article in the Latest Developments in the Canadian Economic Accounts (Catalogue number13-605-X).
Real-time table
Real-time table36-10-0491-01will be updated on July22,2024.
Next release
Data on real GDP by industry for May will be released on July31.
Products
The User Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-606-G) is available.
The Methodological Guide: Canadian System of Macroeconomic Accounts (Catalogue number13-607-X) is also available.
The Economic accounts statistics portal, accessible from the Subjects module of the Statistics Canada website, features an up-to-date portrait of national and provincial economies and their structure.
Contact information
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