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(Kitco News) – According to Statistics Canada (StatCan), Canada’s real gross domestic product rose 0.3% in April, following a 0.7% expansion in March, led by the mining, quarrying and oil and gas extraction sector.
StatCan said that the domestic mining, quarrying and oil and gas extraction sector expanded 3.3% in April, the largest monthly growth rate since December 2020, attributable to growth in all three subsectors.
Mining and quarrying (except oil and gas) edged up 0.2% in April, as a result of increases in non-metallic mineral mining and quarrying, and in coal mining. Non-metallic mineral mining and quarrying increased 3.6%, fully offsetting a 2.9% decline in March, as potash (+3.9%) mining led the growth.
StatCan added that oil and gas extraction in Canada rose 3.9% in April, a third consecutive monthly increase and the largest since September 2020, buoyed by higher activity across the board.
Oil sands extraction increased 5.6% in April, the largest monthly increase since September 2020. High levels of synthetic oil production and crude bitumen extraction in Alberta contributed the most to the growth.
Oil and gas extraction (except oil sands) grew 1.6%, as both crude petroleum and natural gas extraction were up.
Similarly, according to the report, support activities for mining, and oil and gas extraction were also up (+6.2%), as all types of services were up.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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