Bloomberg News

Canada Jan. Gross Domestic Product Report (Text)

March 28, 2013

The following is the text of the Jan. GDP report released by Statistics Canada.

Real gross domestic product rose 0.2% in January, after a 0.2% decrease in December. Manufacturing was the largest contributor to the January growth.

Goods production grew 0.4% in January, led by the increase in manufacturing. Mining, quarrying and oil and gas extraction also increased. In contrast, the agriculture and forestry sector and construction declined. The output of service industries was up 0.2% in January, mainly as a result of gains in wholesale trade, arts and entertainment, and the public sector (education, health and public administration combined). On the other hand, the finance and insurance sector and transportation and warehousing services were down.

Manufacturing output expands

Manufacturing output expanded 1.2% in January, following a 1.9% decline in December. Growth in durable goods production (+1.7%) in January was broadly based, with notable gains in fabricated metal products and wood products manufacturing. Conversely, transportation equipment manufacturing decreased. Non-durable goods production was up 0.5% in January. Growth in beverage and tobacco products, plastics and rubber products, as well as printing and related support activities outweighed declines recorded by manufacturers of chemical and of petroleum and coal products.

Mining, quarrying and oil and gas extraction increases

Mining, quarrying and oil and gas extraction increased 0.2% in January, up for a fourth consecutive month.

Mining excluding oil and gas extraction was up 0.8%. An increase in metallic mineral and coal production outweighed a decline in non-metallic mineral mining (which includes potash mining).

Support activities for mining and oil and gas extraction rose 3.6% on the strength of both drilling and rigging services.

Oil and gas extraction declined 0.5%, with declines in conventional oil and natural gas production.

Wholesale and retail trade rise

Wholesale trade rose 0.7% in January, after a 0.7% decline in December. Increases in the wholesaling of personal and household goods and of machinery, equipment and supplies led the January gain. Wholesaling of motor vehicles and parts, however, declined.

Retail trade edged up 0.1% in January, following a 1.4% decline in December. Clothing and clothing accessories stores, furniture and home furnishing stores, and motor vehicles and parts dealers recorded increases in January. Conversely, retailing activity at food and beverage stores decreased.

Construction edges down

Construction edged down 0.1% in January. A decline in residential building construction outweighed increases in non- residential building, engineering and repair construction.

After three consecutive monthly declines, the output of real estate agents and brokers increased 0.4% in January, as activity in the home resale market was up.

Other industries

The arts and entertainment sector increased 4.1% in January, mainly because of the end of the labour dispute in professional hockey.

The public sector (education, health and public administration combined) edged up 0.1%.

Note to readers

The monthly gross domestic product (GDP) by industry data at basic prices are chained volume estimates with 2007 as the reference year. This means that the data for each industry and each aggregate are obtained from a chained volume index multiplied by the industry’s value added in 2007. The monthly data are benchmarked to annually chained Fisher volume indexes of GDP obtained from the constant-price input-output tables up to the latest input-output tables year (2009).

For the period starting with January 2010, the data are derived by chaining a fixed-weight Laspeyres volume index to the prior period. The fixed weights are 2009 industry prices.

This approach makes the monthly GDP by industry data more comparable with the expenditure-based GDP data, chained quarterly.

All data in this release are seasonally adjusted. For more information on seasonal adjustment, see Seasonal adjustment and identifying economic trends (http://www5.statcan.gc.ca/bsolc/olc-cel/colc-cel?catno=11-010- X201000311141&lang=fra) .

For more information about monthly national GDP by industry, see the National economic accounts (http://www.statcan.gc.ca/nea-cen/index-eng.htm) module on our website.

To contact the reporter on this story: Ilan Kolet in Ottawa at ikolet@bloomberg.net

To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net


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