Canadian Manufacturing GDP
- Several national and international factors continue to generate variability in the Gross Domestic Product (GDP) of the Canadian manufacturing sector.
- Many of the same factors also influence local manufacturing activities, contributing to ongoing variability in key indicators such as employment.
- After declining in 2018, quarterly average manufacturing employment in Peel increased in the first three quarters of 2019.
- At 119,300 persons, quarterly average manufacturing employment was the highest Q3 employment in Peel since 2008.
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.
Canadian Manufacturing Gross Domestic Product (GDP)
Canadian manufacturing GDP increased by 2.2 per cent in 2018, down from 3.7 per cent in 2017.
Growth in 2017 and 2018 was higher than that registered in the preceding two years.
Annual changes in Canadian manufacturing GDP have varied over time as a result of both international and domestic influences (such as automation).
The variability in manufacturing GDP continued in 2019 when quarterly GDP grew by 0.2 per cent in Q1 (January – March) before declining by 0.3 per cent 0.4 per cent and in Q2 (April – June) and Q3 (July – September) respectively.
Manufacturing Employment in Peel’s Labour Market
Manufacturing employment in Peel has trended down from a high of 150,000 persons (23.5 per cent of total employment) in 2004.
In 2018 manufacturing employment in Peel’s labour market accounted for 12.3 per cent of total employment, the lowest share recorded since Peel specific labour market data became available in 2001.
Since the start of 2019, quarterly average manufacturing employment in Peel has increased and in Q3 was the highest Q3 manuf acturing employment in Peel since 2007.