Canada’s mining industry grows for the third consecutive quarter - StatCan
(Kitco News) - Statistics Canada (StatCan) reported yesterday that the real gross domestic product (GDP) of the Canadian natural resources sector rose 2.9% in the first quarter of 2021, the third consecutive quarterly increase.
According to the report, the rise in the natural resources sector was strong, compared with economy-wide real GDP (+1.4%), reflecting growing demand for natural resource products as the country recovers from the pandemic.
StatCan said that the real GDP of the mineral and mining subsector (+5.1%) rose for the third consecutive quarter as production increased following rising prices.
Non-metallic minerals rebounded 8.8%, following a 9.4% drop in real GDP in the previous quarter. Many potash mines reopened following COVID-19-related closures. Potash prices and demand rose in the first quarter. Metallic minerals real GDP increased 5.8% in the first quarter, driven by the strength of copper production, StatCan added.
Nominal GDP of the minerals and mining subsector increased 10.8%. Expressed at an annual rate, nominal natural resources GDP was $224 billion in the first quarter, representing 10.8% of the Canadian economy, the report found.
Employment in the natural resources sector rose 2.1% in the first quarter, the third consecutive quarterly increase, StatCan noted. This rate surpasses that of total employment in Canada, which increased 1.0% from the fourth quarter of 2020 to the first quarter of 2021. Job recovery was strongest in the energy subsector (+5,900 jobs) and the minerals and mining subsector (+4,600 jobs).