Canada's natural resources' GDP rises 1.4% in Q4

ISTANBUL

Canada's real gross domestic product (GDP) of the natural resources sector rose 1.4% in the fourth quarter of 2023 after two consecutive quarterly declines, the statistical agency said Monday.

"Growth in the fourth quarter was mainly driven by higher extraction of crude oil and metallic minerals," Statistics Canada said in a report.

Crude oil extraction in October-December period of last year rose 1.9% and reached a record-high level in December.

In 2023, extraction of crude oil was up 1.3%, while mineral and mining extraction jumped 5.1% in the fourth quarter.

"Natural resource export volumes rose 3.1% in the fourth quarter, chiefly because of higher exports of energy and mineral resources," said the statement.