Canadian GDP Edges Higher in September

Statistics Canada (StatCan) reported today (11-29-22) that real gross domestic product (GDP) in Canada edged 0.1% higher in September. Growth was led by goods-producing industries, up 0.3%, while service-producing industries were basically flat.

In September, the construction sector expanded 0.5%. The increase was largely driven by a gain in engineering construction activity, which was up 1.7%. There were also increases in non-residential building and repair construction.

Residential building construction was the only exception as it recorded a 0.6% decline, continuing the downward trend that began in April. However, StatsCan notes that despite declines in five of the past six months, residential construction was more than 6% above its February 2020 level, before the pandemic began, but approximately 16% below its peak in April 2021.

Advance information indicates that real GDP was fundamentally unchanged in October. Increases in the public transportation and warehousing, construction, and wholesale trade sectors were offset by declines in the manufacturing and mining, quarrying, and oil and gas extraction sectors. Due to the preliminary nature, this estimate will be updated on December 23rd with the release of the official GDP data for October.