Last Updated on October 14, 2016
The goods-producing sector spearheaded unexpected growth of 0.5 per cent in Canada’s gross domestic product to $1.67 trillion in July.
New figures from Statistics Canada show a continuation of the rebound in the oil and gas industries following the Fort McMurray wildfire and a maintenance shutdown.
Non-conventional oil extraction grew by 19 per cent as it returned to ‘normal level’, the Statistics Canada report said. An overall output boost of 3.9 per cent continued the recovery from four consecutive monthly declines between February and May.
The Big Number
Canada’s July GDP: $1.67 trillion
The overall 0.5 per cent rise follows on from a 0.6 per cent rise in June, which offset a May decline.
Manufacturing rose 0.4 per cent in July, led by a 2.5 per cent boost in non-durable goods.
“A 5.4 per cent rise in output from chemical manufacturing was due to manufacturers of basic chemicals, such as petrochemicals, and pharmaceuticals and medicines,” the Statistics Canada report said.
Petroleum and coal products showed a healthy 8 per cent rise in July, again thanks to the return to full supply following fires in Fort McMurray.
Figures: Statistics Canada
Other smaller gains were seen in computer and electronic products manufacturing, finance and insurance, transportation and warehousing and retail trade.
Construction, meanwhile, declined for a fourth month in a row in July, down 0.8 per cent.
The Bank of Canada’s report in July predicted 3.5 per cent growth over the course of 2016, although economists have put it nearer 3 per cent recently, with some suggesting expansion of 2 per cent or less for the next three years. The interest rate is currently 0.5 per cent.
Meanwhile, the latest jobs data from Statistics Canada shows Quebec spearheaded an unexpected rise in the number of people working in Canada between July and August 2016.
The French-speaking province saw 21,900 more people in work in August, with Canada as a whole adding 26,000 jobs.
Since August 2015, the number of people working has now increased by 77,000 across Canada, with the gains focused on the part-time work sector. Quebec has added 34,000 jobs over the same period, a rise of 0.8 per cent.
With more people in the labour force, the unemployment rate actually rose slightly in August, from 6.9 per cent to 7 per cent, while the employment rate remained steady at 60.9 per cent.
Snapshot: Canada Employment
|End August||End July|
|Unemployment rate (%)||7||6.9|
|Employment rate (%)||60.9||60.9|
|Labour force participation rate (%)||65.5||65.4|
|Youth (15-24) unemployment rate (%)||13.2||13.3|
|Men (over 25) unemployment rate (%)||6.6||6.3|
|Women (over 25) unemployment rate (%)||5.3||5.4|
Source: Statistics Canada
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