This article was last updated on April 16, 2022
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A report issued by Statistics Canada on Friday has revealed that manufacturing sales in Alberta have continued to fall this month, accumulating the largest year-over-year drop in the country in March. According to the report, the sales in the province of $5.9 billion have decreased by 10 per cent compared with a year ago and by 0.4 percent on a monthly basis.
The federal agency mentioned in its report that manufacturing sales, however, have increased by 2.9 per cent to $51 billion, which is the second increase in six months. The report stated that “an increase in the production of aerospace products and parts coupled with gains in the motor vehicle industry generated higher sales for the month. Partially offsetting the advance was a drop in sales of fabricated metal products.” Furthermore, the report pointed out that sales have increased in Canada overall by 0.3 per cent on a year-over-year basis.
Senior economist with BMO Capital Markets, Benjamin Reitzes, mentioned in his remarks that “other notable sectors include a 1.9 per cent gain in petroleum and coal products and a 1.5 per cent advance in primary metals. Non-durables rose 1.3 per cent.” Whereas TD Economics’ economist, Leslie Preston, explained that “real activity in the industry contracted for the second straight quarter. Canada’s economy looks to have stalled in (the first quarter), as contraction in the energy sector and a soft patch in U.S. growth dealt a one-two punch to Canada’s output.” It was added that “while the 2.9 per cent increase in manufacturing sales volumes in March points to better momentum heading into (the second quarter), economic growth overall is still expected to be sluggish.”
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