Canada's Energy Sector Declines Additional 3% In Q3 - Statistics Canada

Canada's Energy Sector Declines Additional 3% in Q3 - Statistics Canada

Canada's energy sector declined by an additional 3 percent in the third quarter of 2020, Statistics Canada said in a report on Friday following two consecutive quarters of losses

TORONTO (Pakistan Point News / Sputnik - 15th January, 2021) Canada's energy sector declined by an additional 3 percent in the third quarter of 2020, Statistics Canada said in a report on Friday following two consecutive quarters of losses.

"A 3.0 percent decline in the energy subsector was attributable in large part to decreased extractions of crude oil (-3.9%) and natural gas (-6.8%) for three consecutive quarters," said the Natural resource indicators report.

Overall, the natural resource sector, for the first time since the second quarter of 2019, did not record a loss in real gross domestic product (GDP) - growing by 0.3 percent - in the third quarter of 2020.

According to Canada's state statistics agency, employment grew by 2.5 percent after falling for five consecutive quarters, including 8.4 percent in the second quarter of 2020.