Natural resource indicators, fourth quarter 2024
Released: 2025-03-24
Real gross domestic product of natural resources remains flat in the fourth quarter
Real gross domestic product (GDP) of the natural resources sector remained flat (0.0%) in the fourth quarter of 2024, after experiencing a similar movement in the third quarter. In comparison, economy-wide real GDP rose 0.6% in the fourth quarter, following a 0.5% rise in the previous quarter.
Chart 1
Natural resources' real gross domestic product
Real GDP weakened across a number of natural resources subsectors in the fourth quarter, with there being declines in the forestry (-1.3%), hunting, fishing and water (-1.2%) and minerals and mining (-0.1%) subsectors. These declines more than offset a gain in the energy subsector (+0.2%), which was bolstered by higher crude oil extraction (+1.4%).
Volumes of exports rise faster than those of imports
Despite the slight decline in real GDP, natural resource export volumes increased 5.0% in the fourth quarter, following a rise of 1.0% in the previous quarter. The increase was mainly attributable to the energy (+5.7%), forestry (+4.9%) and minerals and mining (+3.7%) subsectors, and it was partially offset by a decrease in the hunting, fishing and water subsector (-3.6%). In the energy subsector, refined petroleum products (+17.9%) showed significant gains in the fourth quarter, marking the second consecutive quarter of strong growth, after rising 15.1% in the previous quarter.
Import volumes of the natural resources sector increased 0.5% in the fourth quarter, after increasing 2.2% in the third quarter. In the fourth quarter, increases in the mineral and mining (+3.5%) and forestry (+1.9%) subsectors offset a decline in the energy subsector (-2.9%).
Natural resource prices up, a reversal from the previous quarter
Natural resource prices increased 0.7% in the fourth quarter, following a decrease of 2.9% in the previous quarter. Prices increased in the minerals and mining (+5.5%), forestry (+4.2%) and hunting, fishing and water (+0.2%) subsectors, reversing the trend from the previous quarter. Meanwhile, the energy subsector (-1.3%) continued the downward trend from the previous quarter.
Chart 2
Natural resource prices
Natural resources' nominal gross domestic product increases
In the fourth quarter, higher prices resulted in a 0.7% increase in nominal GDP of the natural resources sector. Expressed at an annual rate, natural resources' nominal GDP increased to $344 billion in the fourth quarter, representing 11.7% of the Canadian economy.
Natural resource jobs down slightly
The number of jobs in the natural resources sector (-0.3%) decreased slightly in the fourth quarter. An increase in the energy subsector (+0.6%) was offset by decreases in the hunting, fishing and water (-1.8%), forestry (-1.2%) and minerals and mining (-0.3%) subsectors.
Chart 3
Changes in jobs, fourth quarter of 2024
Downstream activities
For analytical purposes, secondary and tertiary processing for the forestry and minerals and mining subsectors are identified separately. The nominal GDP of downstream activities was $9.6 billion in the fourth quarter, reflecting a decline of 1.3% from the previous quarter.
Annual trends in the natural resources sector by province and territory
This release includes detailed annual tables up to 2023 containing data by province and territory. In 2023, real GDP of the natural resources sector was down 0.2% overall, decreasing in most provinces and territories, with the exception of Alberta (+1.7%), Saskatchewan (+2.2%), New Brunswick (+4.0%), Nunavut (+3.1%) and Prince Edward Island (+1.7%).
In 2023, the natural resources sector gained 17,000 jobs, led by the energy (+16,400), hunting, fishing and water (+3,800) and mineral and mining (+1,400) subsectors. The number of jobs in forestry (-4,600) decreased in 2023. The largest increases in jobs in the natural resources sector were observed in Alberta (+8,700) and Quebec (+3,700).
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Note to readers
Data on natural resources for the fourth quarter of 2024 have been released along with revised data starting from the first quarter of 2018.
This release incorporated new benchmark values from the supply-use tables for the 2021 reference year. Volume and price estimates for the quarterly and annual natural resources gross domestic product have been updated to 2017 (2017=100) reference year.
The Natural Resource Indicators provide quarterly indicators for the main aggregates in the Natural Resources Satellite Account (NRSA), namely gross domestic product, output, exports, imports and employment. The estimates from this account are directly comparable with the estimates in the Canadian System of Macroeconomic Accounts.
Data on provincial and territorial natural resources for 2023 have been released along with revised data back to 2018.
Data on international and interprovincial trade by province and territory will be released at a later date.
Data on the environmental perspective (direct energy use [terajoules] and direct greenhouse gas emissions [kilotonnes]) associated with the natural resources and the downstream natural resources sectors have also been released for the year 2021.
Core natural resources: The NRSA defines natural resource activities as those that result in goods and services originating from naturally occurring assets used in economic activity, as well as their initial processing (primary manufacturing).
Downstream activities: Although not part of the core account, natural resources have important downstream effects on other sectors. In general, this production uses a large portion of primary manufactured products as inputs.
Jobs estimates reported in this release align with the definitions of natural resource subsectors. Consequently, these estimates may differ from those released by the labour productivity program.
Next release
Data on natural resource indicators for the first quarter of 2025 will be released on June 30.
Products
For more information on energy in Canada, including production, consumption, international trade and much more, please visit the Canadian Centre for Energy Information website and follow #energynews on social media.
The Economic accounts statistics portal, accessible from the Subjects module of the Statistics Canada website, features an up-to-date portrait of national and provincial economies and their structures.
Additional information can be found in the article "The Natural Resources Satellite Account – Sources and methods," which is part of the Income and Expenditure Accounts Technical Series (13-604-M).
As a complement to this release, you can also consult the data visualization product, "Energy use and greenhouse gas emissions associated with various aspects of the Canadian economy," an interactive tool which is part of Statistics Canada – Data Visualization Products (71-607-X).
The Latest Developments in the Canadian Economic Accounts (13-605-X) is available.
The User Guide: Canadian System of Macroeconomic Accounts (13-606-G) is available.
The Methodological Guide: Canadian System of Macroeconomic Accounts (13-607-X) is available.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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