Canada GDP grew 0.7% mom in January, above expectation of 0.5% mom. That’s the ninth consecutive monthly increase. Yet, total economic activity remained about -3% below February 2020 level, before the pandemic. Good-producing industries were up 1.5% mom while services-producing industries were up 0.4% mom. 20 industrial sectors were nearly evenly split between expansions and contractions.
Preliminary information suggests an approximate 0.5% increase in real GDP for February. Retail trade, construction, and real estate and rental and leasing all contributed to the growth, while manufacturing offset some of the increase.
