Energy Sector Pushes GDP to Climb, Statscan
11/02/2011
OTTAWA – Wholesale trade and manufacturing show drops, however.
Canada's gross domestic product (GDP) rose 0.3 percent, nailing the hat trick after gains in July and June, reports Statscan.
The main driver for the gain was the energy sector — without that sector, real GDP was unchanged.
The finance and insurance sector, retail trade and construction also grew, while wholesale trade, manufacturing, utilities, and certain tourism-related industries declined.
The energy sector's output grew 2.8 percent in August, following gains in July and June, and big drop back in May (-4.5 percent) due to nasty weather conditions and maintenance work at some oil fields. And speaking of oil…
Oil and gas extraction climbed 2.6 percent in August due to an increase in crude petroleum production, and to a lesser extent, natural gas extraction, Statscan reported. Notably, support activities for mining, and oil and gas extraction rose 17 percent due to the increase in drilling and rigging work.
Mining output, excluding oil and gas, was unchanged, and an increase at coal mines was offset by a reduced output at metal and non-metallic mineral mines.
Wholesale trade fell 1.4 percent after the 1.8 percent increase in July. Decreases happened in nearly all wholesale sub-sectors, specifically in petroleum products and motor vehicles and parts.
Retail trade climed 0.2 percent in August, and the increases at gasoline stations motor vehicle and parts dealers outweighed any decreases at general merchandise stores, Statscan noted.
Manufacturing, after a 1.4 percent gain in July, dropped 0.4 percent. Manufacturers of durable goods reduced production by 0.8 percent, and non-durable goods manufacturing was up 0.1 percent. Non-metallic mineral products, wood products, and chemical and paper products all decreased, but production in food, petroleum, and primary metal products all stepped up.
Construction grew slightly by 0.1 percent, with residential building construction and engineering and repair work growing. All types of non-residential construction (industrial, institutional and commercial) fell.
Gains in natural gas distribution were offset by a decrease in electricity demand, causing a 0.8 percent drop in the output of utilities.
Please feel free to comment to any of the posts on this blog. The intent is to start discussions on the subject content. If you have articles for post or comments about the blog in general please contact: Thank you Preferred Logistics----------- www.preferredlogistics.biz
11/02/2011
OTTAWA – Wholesale trade and manufacturing show drops, however.
Canada's gross domestic product (GDP) rose 0.3 percent, nailing the hat trick after gains in July and June, reports Statscan.
The main driver for the gain was the energy sector — without that sector, real GDP was unchanged.
The finance and insurance sector, retail trade and construction also grew, while wholesale trade, manufacturing, utilities, and certain tourism-related industries declined.
The energy sector's output grew 2.8 percent in August, following gains in July and June, and big drop back in May (-4.5 percent) due to nasty weather conditions and maintenance work at some oil fields. And speaking of oil…
Oil and gas extraction climbed 2.6 percent in August due to an increase in crude petroleum production, and to a lesser extent, natural gas extraction, Statscan reported. Notably, support activities for mining, and oil and gas extraction rose 17 percent due to the increase in drilling and rigging work.
Mining output, excluding oil and gas, was unchanged, and an increase at coal mines was offset by a reduced output at metal and non-metallic mineral mines.
Wholesale trade fell 1.4 percent after the 1.8 percent increase in July. Decreases happened in nearly all wholesale sub-sectors, specifically in petroleum products and motor vehicles and parts.
Retail trade climed 0.2 percent in August, and the increases at gasoline stations motor vehicle and parts dealers outweighed any decreases at general merchandise stores, Statscan noted.
Manufacturing, after a 1.4 percent gain in July, dropped 0.4 percent. Manufacturers of durable goods reduced production by 0.8 percent, and non-durable goods manufacturing was up 0.1 percent. Non-metallic mineral products, wood products, and chemical and paper products all decreased, but production in food, petroleum, and primary metal products all stepped up.
Construction grew slightly by 0.1 percent, with residential building construction and engineering and repair work growing. All types of non-residential construction (industrial, institutional and commercial) fell.
Gains in natural gas distribution were offset by a decrease in electricity demand, causing a 0.8 percent drop in the output of utilities.
Please feel free to comment to any of the posts on this blog. The intent is to start discussions on the subject content. If you have articles for post or comments about the blog in general please contact: Thank you Preferred Logistics----------- www.preferredlogistics.biz
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