Manufacturing Gross Domestic Product
Total value of manufacturing goods and services produced in Canada over a specific time period.
- In Q1 2021, the Gross Domestic Product (GDP) of the Canadian manufacturing sector increased by 0.2 per cent.
- After a strong rebound in Canadian manufacturing GDP in Q3 2020, growth moderated due to the reinstatement of COVID-19 restrictions amidst the third wave of the COVID-19 pandemic.
Peel’s manufacturing sector represents an important (though diminishing) part of the Canadian manufacturing sector. In the absence of Peel specific data on output, changes in the Gross Domestic Product of the Canadian manufacturing sector offer some indication of possible changes in Peel.
Based on this, an assessment of both Canadian indicators of manufacturing production (GDP) and available Peel specific manufacturing indicator (manufacturing employment) are included in this section.
Quarterly Canadian Manufacturing GDP
In Q1 2021, Canadian manufacturing GDP recorded a third consecutive increase, when it grew by 0.2 per cent.
This represented an annualized growth of 2.3 per cent, an acceleration relative to the 1.1 per cent in Q4 2020. Both were slower rates of growth compared with an annualized growth of 18.2 per cent in Q3 2020.
The reinstatement of COVID-19 measures in Q4 2020 was the main constraint to growth since then.
Manufacturing Employment in Peel’s Labour Market
Manufacturing employment in Peel has shown variability over time reflecting a myriad of macroeconomic influences, including the impact the COVID-19 pandemic and associated measures in 2020.
In Q1 2021, quarterly average manufacturing employment in Peel’s labour market stood at approximately 101,400 persons up by 19.8 per cent or 16,000 jobs relative to Q1 2020.
This was the second consecutive quarter of growth in manufacturing employment in Peel, after four quarterly declines.
Manufacturing employment is expected to continue to increase as COVID-19 measures are gradually eased.