Oil Still Matters Here in Canada,Statistics Canada

The Statistics Canada News Release below my questions .

Two takeaways for me .

One is in my headline. Hey, you ‘greenies’ oil still matters . Two, without the fires and oil the rest of the economy was still down . Of course , we are not allowed to question how this could be so with all the money the Federal Government is spending , are we?

And the US is in a tizzy with a one and a half  per cent growth rate?

Sadly, we are still in the glow of the selfe .

The release

‘Real gross domestic product (GDP) fell 0.6% in May, the largest monthly decline since March 2009. The decrease in May was primarily due to lower non-conventional oil extraction, a consequence of the Fort McMurray wildfire and evacuation.

The Fort McMurray wildfire was the main cause behind a 2.8% decline in the output of goods-producing industries. The mining, quarrying, and oil and gas extraction sector fell 6.4%, as the output of the non-conventional oil extraction industry recorded a 22% drop. Following an 8.1% decrease in April due to maintenance shutdowns at upgrader facilities, the output level in May for this industry was the lowest since May 2011.

Excluding the decline in the non-conventional oil extraction industry, real GDP edged down 0.1% in May. There was little evidence that the Fort McMurray wildfire significantly affected other industries at the national level. Therefore, the difference between the overall 0.6% decline in GDP and the 0.1% decrease in GDP excluding the non-conventional oil and gas industry is an approximation of the direct impact that the Fort McMurray wildfire had on overall growth in May.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s