Key insights
- Canadian GDP edged up 0.1% in January, slightly above expectations, with a preliminary estimate of 0.2% growth for February. Gains in the goods-producing sector, particularly mining and oil & gas, were partially offset by a manufacturing contraction. While seemingly positive, slower Canadian growth relative to the US could weigh on the Canadian dollar and indirectly impact US trade.
OTTAWA, March 31 (Reuters) - The Canadian economy grew by 0.1% in January as gains in mining, quarrying, and oil and gas extraction more than offset a contraction in manufacturing, Statistics Canada said on Tuesday.
February GDP was most likely up 0.2%, the agency said in a flash estimate.
The goods-producing sector expanded by 0.2% in January, while the services-producing sector was flat.
(Changes in percent)
Jan Dec(rev) Dec(prev) Jan yr/yr
All industries +0.1 +0.2 +0.2 +0.6
Goods +0.2 +0.2 +0.2 -0.5
Services 0.0 +0.3 +0.2 +1.1
NOTE - All figures are seasonally adjusted. Analysts in a Reuters survey had forecast January GDP to be unchanged.