Canadian Natural Resources Real GDP Declined in 2022Q4

Statistics Canada (StatCan) reported on Thursday (3-23-23) that real gross domestic product (GDP) of the natural resources sector declined 1.9% in 2022Q4, after increasing 1.5% in 2022Q3. In contrast, the economy-wide real GDP was unchanged in 2022Q4.

When compared with 2021, real GDP of the natural resources sector increased 2.5% in 2022, while the economy-wide GDP rose 3.4% for the entire year. Annual real GDP of the energy subsector increased 4.0%, carrying the natural resources sector, while the forestry and mineral and mining sector lost 1.3% and 0.9%, respectively.

StatsCan is reporting that real GDP of the forestry subsector declined 1.8% in Q4, mostly influenced by primary pulp and paper products falling 2.8%, reflecting an upstream 7.6% reduction in lumber extraction. Forestry prices decreased 3.6% in Q4, led by primary sawmill and wood products declining 9.4%. Higher prices on services, up 5.6%, and primary pulp and paper products, up 2.6%, helped to offset the overall decrease in the sector.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.