Gross domestic product by industry, February 2024 (ISA)

Real gross domestic product (GDP) increased 0.2% in February, following a 0.5% gain in January. Services-producing industries (+0.2%) led the growth for a second month in a row, fuelled by gains in transportation and warehousing. The goods-producing industries aggregate was essentially unchanged as the mining, quarrying, and oil and gas extraction sector expanded while the utilities and manufacturing sectors contracted in February. Overall, 12 of 20 sectors increased in the month.

Transportation and warehousing increased 1.4% in February, the largest monthly growth rate since January 2023, as six of nine subsectors were up. A rebound in rail transportation (+5.5%) contributed the most to the increase in February 2024 as activity returned to normal following January's cold snap in Western Canada.

Air transportation rose 4.8% in February, its largest growth rate since May 2022. This seventh consecutive monthly increase was driven by growth in international travel as some carriers increased flight capacity to Asia to reflect higher demand for travel leading up to the Lunar New Year. The accommodation subsector (+1.1%) also expanded as the number of overseas travellers entering Canada rose in February 2024.

Pipeline transportation increased 1.6% in February, partially offsetting a decline of 1.9% in January. Crude oil and other pipeline transportation rose 3.4% in February, reflecting higher exports of the commodity, while pipeline transportation of natural gas edged down 0.2%.

The public sector (consisting of educational services, health care and social assistance and public administration) grew 0.2% in February, following a 1.9% increase in January.

The educational services sector edged up 0.1% in February following a 6.1% gain in January, when activity rebounded from the declines in the previous two months attributed to the Quebec public sector workers' strike. The elementary and secondary schools industry group grew 0.3% in February, even as rotating strikes by the Saskatchewan Teachers' Federation dampened some of the growth.

After declining 2.3% in January, mining, quarrying, and oil and gas extraction increased 2.5% in February, expanding for the fourth time in five months.

Oil and gas extraction expanded 3.3% in February, partially offsetting January's contraction when extreme cold across the Prairies impacted production. In February all types of production were up, led by a 4.4% increase in oil and gas extraction (except oil sands) as both higher natural gas extraction and crude petroleum extraction contributed to the growth. Oil sands extraction rose 2.1%, led by higher crude bitumen extraction in Alberta.

Mining and quarrying (except oil and gas) increased 1.9% in February, more than offsetting the January decline. Metal ore mining was up 2.3% as most types of mining activities were up. Gold and silver ore mining was up for the third month in a row, rising 4.4% in February, as multiple gold mines in Canada increased production, coinciding with all-time high exports of gold.