Canada’s natural resources real GDP rises in Q4

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OTTAWA, March 25 (Xinhua) — Canada’s real gross domestic product (GDP) of the natural resources sector rose 4 percent in the fourth quarter of 2020, Statistics Canada said Thursday.

It came after an increase of 1 percent in the third quarter. Compared with 2019, the sector’s real GDP fell 7.3 percent, the sharpest annual decline since 2007.

The economy-wide real GDP rose 2.3 percent in the fourth quarter but declined 5.4 percent for the entire year due to the impact of the COVID-19 pandemic.

The fourth-quarter growth was driven by the energy and forestry subsectors.

However, in 2020, real GDP of the energy subsector dropped 7.6 percent owing to a sharp decline in the second quarter.

The real GDP of the forestry subsector rose 2.4 percent because of an increase in primary wood products, which jumped 7.4 percent due to higher housing investment and primary sawmill and wood exports.

Compared with 2019, the real GDP of the forestry subsector fell 6 percent in 2020 due to periodic shutdowns of non-essential businesses and weak international demand.

Thanks to increases in gold, silver and platinum, the real GDP of metallic minerals rose 5.9 percent while the real GDP of non-metallic minerals declined 12.2 percent, partly owing to a drop in potash mining.

Compared with 2019, the real GDP of the minerals and mining subsector dipped 7.2 percent mainly because of weak international demand caused by the COVID-19 pandemic in the year. Enditem

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