Real gross domestic product (GDP) of the natural resources sector rose 1.4% in the fourth quarter of 2023, after two consecutive quarterly declines. Growth in the fourth quarter was mainly driven by higher extraction of crude oil and metallic minerals, reported Statistics Canada on Monday.
Canadian Association of Petroleum Producers
“In the fourth quarter, growth in natural resources real GDP was led by crude oil extraction (+1.9%), which reached a record high in December as facilities continued to ramp up production following maintenance in the third quarter. For 2023, extraction of crude oil was up 1.3%. Mineral and mining extraction (+5.1%) rose in the fourth quarter, with a 1.9% rise in 2023,” said the federal agency.
“Natural resource export volumes rose 3.1% in the fourth quarter, chiefly because of higher exports of energy and mineral resources. Increased exports of crude oil (+5.3%) and refined petroleum products (+8.0%) were partly offset by a decline in natural gas exports (-6.9%), a reflection of relatively mild temperatures in the United States, as well as rising production in that country. Export volumes of non-metallic minerals and coal rose substantially in the fourth quarter. In 2023, natural resources export volumes decreased 1.1%, led by a decline in the forestry subsector.
“Natural resources import volumes fell 6.5% in the fourth quarter, mainly because of declines in crude oil and metallic minerals imports. In 2023, import volumes fell 0.6%, owing to a large decline in imports of natural gas.”
The report said natural resource prices fell 2.5% in the fourth quarter, after rising 4.3% in the previous quarter. Price drops in crude oil (-6.5%) and refined petroleum products (-5.8%) were slightly offset by an increase in metallic minerals (+1.4%). The decrease for the price of crude oil was associated with higher domestic and international production, among other factors. In 2023, natural resources prices fell 5.0%, led by lower prices for crude oil and natural gas.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.
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