Mapping the recovery by industry
Led by finance and insurance at 6.0% above its pre-pandemic level, real GDP was higher in 8 out of the 20 main industrial sectors in August
By Rob Roach, ATB Economics 2 November 2021 1 min read
Canada’s real gross domestic product (GDP) rose 0.4% in August, but the economy was still 1.4% smaller than it was in February 2020 before the pandemic began. (Monthly estimates by province are not available from Statistics Canada.)
Led by finance and insurance at 6.0% above its pre-pandemic level, real GDP was higher in 8 out of the 20 main industrial sectors. Retail trade has posted the second largest recovery, up 4.5% compared to February 2020 followed by the information and cultural sector at 3.1%.
At 42.5% below its pre-pandemic level, output in the arts, entertainment and recreation sector was the farthest behind followed by the management of companies and enterprises sector (-30.0%) and accommodation and food services (-17.5%).
Of particular importance to Alberta, the oil and gas extraction and the support activities for mining and oil and gas extraction sub-sectors* were both still well behind where they were before the pandemic. Oil and gas extraction output was 5.3% lower in August 2021 than in February 2020 while support services output was down by 22.1.
The cannabis sector (which includes activity within agriculture, manufacturing, wholesale, retail and several other industry categories) has done especially well since February 2020 with real output up by 29.1%.
Another special grouping known as the information and communication technology sector has also performed well with its real GDP 7.1% higher than before the pandemic.
*These sub-sectors are part of a larger umbrella category called the mining, quarrying, and oil and gas extraction sector. The real output of this larger group of industries was down by 0.7% in August 2021 versus February 2020.
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