Manufacturing sales fell 1.5 per cent last year: StatsCan

OTTAWA -- Falling prices for the petroleum and coal sector helped sink manufacturing sales by 1.5 per cent last year, the first annual decrease since 2009, Statistics Canada said Tuesday.

See Full Article

That came despite momentum late in the year, as sales increased 1.2 per cent in December to $51.6 billion, the second consecutive monthly gain.

Economists had expected an increase of 0.7 per cent for the month, according to Thomson Reuters.

Statistics Canada said manufacturing sales totalled $609.5 billion for 2015, down from $619.1 billion in 2014, due to a plunge in petroleum and coal products.

That sector sank 28.6 per cent as the average price of refined petroleum products fell 22.3 per cent.

Excluding petroleum and coal products, Canada's manufacturing sales grew 2.6 per cent last year.

The Canadian economy fell into recession in the first half of last year as the GDP contracted for the first two quarters of 2015, hit hard by the drop in oil prices.

Growth picked up in the third quarter last year, but economists have raised concerns about the last quarter of 2015.

Statistics Canada said Tuesday that manufacturing sales last year increased on an annual basis in 12 out of 21 industries with transportation equipment showing the largest gain.

Sales of motor vehicles rose 9.1 per cent as the lower loonie relative to the U.S. dollar contributed to the increase, although the number of vehicles produced was down in 2015.

Motor vehicle parts sales were up 8.9 per cent, while plastics and rubber products gained 5.4 per cent.

The monthly increase in December was led by growing sales for the motor vehicle and wood products industries. Sales fell for petroleum and coal products.

In constant dollar terms, sales rose 1.3 per cent, suggesting a higher volume of goods was sold.



Advertisements

Latest Economic News

  • Chinese minister appeals to Washington to avoid 'trade war'

    Economic CTV News
    BEIJING - China's commerce minister has appealed to Washington to negotiate disputes with Beijing and avoid a "trade war" that he warned would hurt both sides. Gao Hucheng, responding to a question about President Donald Trump's promise to raise taxes on Chinese imports, said at a news conference Tuesday the two governments should work together to promote trade. Source
  • HSBC warns of risks to world economic growth as profit dives

    Economic CTV News
    HONG KONG -- London-based bank HSBC reported Tuesday that annual profit slumped by more than 80 per cent following a year of "unexpected economic and political events" that contributed to volatile markets and influenced investment activity. Source
  • Asian stocks move higher as Wall Street gets ready to open after holiday

    Economic CTV News
    BEIJING - Asian stock markets were mostly higher Tuesday as investors looked ahead to minutes from the U.S. Federal Reserve's latest meeting and Wall Street prepared to reopen after a three-day weekend. KEEPING SCORE: Tokyo's Nikkei 225 advanced 0.5 per cent to 19,338.63 and the Shanghai Composite Index added 0.1 per cent to 3,242.55. Source
  • Deadline looms for Dakota Access pipeline protest camp

    Economic CTV News
    CANNON BALL, N.D. -- As dawn breaks over an encampment that was once home to thousands of people protesting the Dakota Access oil pipeline, a few hundred holdouts rise for another day of resistance. They aren't deterred by the threat of flooding, nor by declarations from state and federal authorities that they must leave by Wednesday or face possible arrest. Source
  • Loblaw resets passwords for all PC Plus accounts after security breach

    Economic CTV News
    TORONTO - Loblaw has reset passwords for all its PC Plus rewards collectors' online accounts after points were stolen from some members' accounts. The company (TSX:L) posted a warning on its website saying it requires all members to create new passwords - regardless of whether or not they changed them following the recent security breach. Source
  • Tim Hortons and Burger King owner, Restaurant Brands, nears deal to buy Popeyes: report

    Economic CBC News
    Restaurant Brands International Inc. , owner of the Burger King and Tim Hortons fast-food chains, is nearing a deal to acquire Popeyes Louisiana Kitchen Inc., people familiar with the matter said on Monday. The deal, which will likely value Popeyes at more than $1.7 billion US, is a bet by Oakville, Ont,-based Restaurant Brands that it can use its international reach to introduce Popeyes' Louisiana-style fried chicken and buttermilk biscuits to more diners globally. Source
  • Canadian labour leader Bob White, instrumental in creating CAW, dies

    Economic CTV News
    TORONTO - Canadian labour leader Bob White has died. White was instrumental in creating the Canadian Auto Workers union, which broke away from its American parent in the mid-1980s. He was the CAW's founding president from 1985 until 1991 -- a period when the union was at the height of its power, representing most of the Canadian employees of the big U.S. Source
  • Bob White, 'true maverick' former president of Canadian Auto Workers, dies

    Economic CBC News
    Bob White, the Canadian union leader who founded the Canadian Auto Workers after splitting off from its American counterpart, has died at the age of 81. Unifor, the union which now encompasses the Canadian Auto Workers, tweeted that White was "a great union leader. Source
  • 'True maverick' former president of Canadian Auto Workers Bob White dies

    Economic CBC News
    Bob White, the Canadian union leader who founded the Canadian Auto Workers after splitting off from its American counterpart, has died at the age of 81. Unifor, the union which now encompasses the Canadian Auto Workers, tweeted that White was "a great union leader. Source
  • Founding president of Canadian Auto Workers Bob White dies

    Economic CBC News
    Bob White, the Canadian union leader who founded the Canadian Auto Workers after splitting off from its American counterpart, has died at the age of 81. Unifor, the union which now encompasses the Canadian Auto Workers, tweeted that White was "a great union leader. Source