GDP (economy growth): There was no fundamental change in real GDP in March after a slight increase in February.
Construction Sector: The construction sector saw a 1.1% increase in March, the largest monthly growth rate since January 2022. Engineering and other construction activities were driving this growth.
3. Residential and non-residential building construction: The residential building construction sector saw an increase of 1.4%, with increased activity in building new homes and improving existing homes. While the construction of non-residential buildings increased by 1.6%, with an expansion in the construction of public and industrial buildings.
4General improvement: Despite the negative points previously recorded in the second half of 2023, economic activity appears to be improving, as several sectors rose and recorded monthly increases.
The public sector continued to grow during the month of March 2024, as it rose by 0.2%. This is the third consecutive increase after a period of declines in November and December 2023, which were significantly affected by the fallout from the Corona virus and strikes by public sector workers in Quebec.
As for the educational services sector, it witnessed an increase of 0.5% in March 2024, as the primary and secondary schools sector increased by 0.8%. However, the sector was affected by a decline in the university industry (-0.3%), as a result of a strike initiated in late February by the Canadian Union of Public Employees Local 3903, which represents contract teachers, teaching assistants and graduate assistants, and the negative impact on activity continued into March.
The manufacturing sector witnessed a contraction of 0.8% in March, which is the second contraction in a row. Among the sub-sectors, the transportation equipment manufacturing sector was the largest detractor of growth at 2.4%, recording a third month of decline in the last four months. This decline was due in part to ongoing retooling activities at automotive assembly plants in Ontario
Manufacture of non-durable goods
It saw a contraction of 0.6%, the third contraction in the last four months. Food manufacturing contributed significantly to this decline of 2.1%. As for chemical manufacturing, it recorded a decrease of 2.6%, as it was greatly affected by a decrease in pharmaceutical manufacturing, as well as a decrease in exports of pharmaceutical and medical products.
Mining, quarrying, oil and gas extraction contracts: The mining, quarrying, oil and gas extraction sector declined by 0.5% in March, as lower activity in the mining and quarrying sector (excluding oil and gas) was offset by increases in oil and gas extraction as well as mining, oil and gas support activities. Gas extraction.
Mining and quarrying (excluding oil and gas) contracted by 3.9% in March, marking its largest decline since January 2022 as all industry groups within the subsector declined.
The broad decline across industries including the metal ore mining industry group contributed to a 5.0% contraction in March 2024. Gold and silver ore mining (-6.7%) contributed further to the decline as a gold mine temporarily closed production
Non-metallic mineral mining and quarrying fell 1.5% in March, falling for the third month in a row. The 2.9% decline in potash mining, coinciding with lower exports, offset gains in other forms of non-metallic mineral mining in March.
Oil and gas production rose 0.4% in March, rising for the fifth time in six months. The 2.4% increase in oil sands extraction, led by higher crude bitumen extraction and synthetic oil production, more than offset the 1.6% contraction in oil and gas extraction (excluding oil sands) impacted by lower crude oil and natural gas extraction operations. The upstream oil and gas subsector, as well as support activities for the mining, oil and gas subsector (+4.6%) mitigated the decline in the public sector during the month.
Advance estimate of real GDP by industry for April 2024
Advance information suggests that real GDP rose 0.3% in April. Increases in manufacturing, mining, quarrying, oil and gas extraction, and wholesale trade were partially offset by declines in utilities. Due to its preliminary nature, this estimate will be updated on 28 June 2024, with the release of official GDP by industry data for April.
Real GDP by industry expands in the first quarter of 2024 Real GDP by industry rose 0.6% in the first quarter, after rising 0.1% in the previous quarter. The increase in Q1 2024 was led by service-producing industries (+0.9%), representing the eleventh consecutive quarter of growth for this group. Goods-producing industries fell 0.1% in the first quarter, after remaining essentially unchanged in the previous quarter. Overall, 14 out of 20 industry sectors grew in the first quarter of 2024.
After being the biggest detractor of growth in the last quarter of 2023 (-0.5%), the public sector (which consists of educational services, health care, social assistance and public administration) rebounded with an increase of 1.5% in the first quarter of 2023. 2024 with all three components recording Gains. Educational services led growth with a 3.5% expansion largely reflecting the conclusion of a strike by public sector workers in Quebec that had a significant impact on activity in elementary and secondary schools in November and December of 2023.
The transportation and warehousing sector grew for the eighth consecutive quarter, increasing 1.2% in the first quarter of 2024. Air transportation was the largest contributor to growth, increasing 5.7%, its largest increase since the fourth quarter of 2022. Many air carriers increased Its revenues include the ability to access Asian markets in the run-up to Lunar New Year celebrations, which contributed to higher activity in the air transport sub-sector in the first quarter of 2024.
The real estate and rental sector increased by 0.6% in the first quarter of 2024
The real estate and rental sector rose 0.6% in the first quarter of 2024, rising for the seventh consecutive quarter. Agent and brokerage offices and real estate-related activities led the increase in the first quarter of the year, growing 6.6% and largely offsetting a 9.3% decline in the previous quarter. High activity in the Greater Toronto Area and several other markets in Ontario contributed to growth in the first quarter of 2024.
The manufacturing sector (-0.6%) was the biggest detractor of growth in Q1 2024, down for the fourth straight quarter. As in Q4 2023, the transportation equipment manufacturing industry contributed significantly to declines in Q1 2024 as retooling activities continued at several automotive assembly plants, contributing to declines in automobiles (-9.6%) and engines. -Vehicle spare parts industries (-3.1%).
