../Morning Post
Posted September 30 , 2010
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GDP

Gross domestic product by industry

Statscan - Real gross domestic product edged down 0.1% in July 2010, the first monthly decline since August 2009. Manufacturing, retail and wholesale trade, construction and forestry all posted decreases. Increases were recorded in the mining sector and, to a lesser extent, in some financial industries and the public sector.

Manufacturing falls

Manufacturing decreased 0.7% in July, with 11 of the 21 major groups retreating. Manufacturers of non-durable goods reduced their production by 0.9%, in particular those of pharmaceutical and paper products. Manufacturing of durable goods decreased by 0.5%, notably of furniture, metallic and non-metallic products. Increases in the production of food and beverages and motor vehicle parts tempered the decrease in the manufacturing sector.

Construction and real estate transactions decline

Construction declined 0.5% as residential building construction fell 2.0%. The construction of single dwellings was particularly weak. Non-residential building construction and engineering and repair work were up.

The home resale market fell significantly for a third consecutive month, which led to an 8.0% decrease in the output of real estate agents and brokers. The output of this industry stood at about two-thirds of its level recorded at the beginning of 2010.

Retail and wholesale trade retreat

Retail trade fell 0.5% in July, following a 0.7% gain in June. Decreases were recorded in furniture, home furnishings and electronics stores as well as in building and outdoor home supplies stores. This mirrored the weakness in residential construction and in the home resale market. Increases in general merchandise stores (which include department stores), clothing stores and car dealers tempered the declines.

Wholesale trade edged down 0.2%. Wholesaling of automotive products, building materials and personal and household goods declined. On the other hand, the wholesaling of food and petroleum products increased.

The mining sector increases

The mining sector rose 1.1% in July after receding in June. Metal ore production increased significantly as some producers in the copper, nickel, lead and zinc mines industry boosted their output following the end of labour disputes. Support activities for mining, oil and gas extraction (+2.7%) were up also. The production of natural gas advanced in the month, while oil extraction declined.
The finance and insurance sector edges up

The finance and insurance sector grew 0.1% in July. This gain was attributable to an increase in personal loans, residential mortgages and in mutual funds sales. Conversely, lower volume of trading on the stock exchanges and in the activities of the insurance industry were offsetting factors.

Other sectors

Forestry and logging receded by 4.6% in July following a double-digit increase in June. Utilities declined 0.4%. Food services decreased for a fourth consecutive month.

Note to readers

The monthly gross domestic product (GDP) by industry data at basic prices are chained volume estimates with 2002 as their reference year. This means that the data for each industry and aggregate are obtained from a chained volume index multiplied by the industry's value added in 2002. For the 1997 to 2007 period, the monthly data are benchmarked to annually chained Fisher volume indexes of GDP obtained from the constant-price input-output tables.

For the period starting with January 2008, the data are derived by chaining a fixed-weight Laspeyres volume index to the prior period. The fixed weights are the industry output and input prices of 2007. This makes the monthly GDP by industry data more comparable with the expenditure-based GDP data, chained quarterly.

Revisions

With this release of monthly GDP by industry, the data incorporate the revised 2006 and the new 2007 input-output annual benchmarks, revised source data (such as, for the manufacturing sector, the use of the industrial product price indexes based on a 2002 basket of products) and improved methodologies. As a result, the monthly series have been revised back to January 2005.

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

Submit press release to pressrelease@exchangemagazine.com - Editor Jon Rohr - Content published on this site represents the opinion of the individual/organization and/or source provider of the Content. ExchangeMagazine.com is non-partisan, online journal. Privacy Policy. Copyright of Exchange produced editorial is the copyright of Exchange Business Communications Inc. 2010/*.*. Additional editorials, comments and releases are copyright of respective source(s) and/or institutions or organizations.

 


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