Canadian GDP by Industry for March and Q1

On Friday, Statistics Canada (StatCan) reported that real gross domestic product (GDP) was essentially unchanged in March, following a 0.2% increase in February. Both goods-producing and services-producing industries were flat. Overall, 11 of 20 sectors posted increases.

The construction sector posted a 1.1% increase in March, the largest monthly growth rate since January 2022, as almost all types of construction activity increased.

Residential building construction was up 1.4%, largely driven by increased activity in construction of new single-detached homes and home alterations and improvement. This was the second consecutive monthly increase for the subsector, following four straight months of declines. The one outlier was the repair construction sector, down 0.3%, its second consecutive monthly decline.

Advance data indicate that real GDP rose 0.3% in April. Increases in manufacturing, mining, quarrying, and oil and gas extraction and wholesale trade were partially offset by decreases in utilities. This estimate will be updated on June 28th.

Q1 Results

In Q1, real GDP rose 0.6%, after edging up 0.1% in the previous quarter. The increase was led by services-producing industries—up 0.9%, marking the 11th consecutive quarter of growth for this grouping. Goods-producing industries edged 0.1% lower after being essentially unchanged in the previous quarter. Overall, 14 of 20 industrial sectors grew.