Canadian Gross Domestic Product Increased in February 2024

Statistics Canada (StatCan) reported on Tuesday (4-30-24), that Canadian real gross domestic product (GDP) increased 0.2% in February, following a 0.5% gain in January. Overall, 12 of the 20 sectors reported increases in February.

StatCan notes that service-producing industries, led by gains in transportation and warehousing, for the second consecutive month, fuel the GDP growth posting a 0.2% increase in February. The goods-producing industry sectors were essentially unchanged, as the mining, quarrying, and oil and gas extraction sector expanded, while the utilities and manufacturing sectors contracted in February.

StatCan is reporting that their advance information indicates the real GDP was essentially unchanged in March. With increases in utilities and real estate and rental and leasing offset by declines in manufacturing and retail trade. StatsCan once again notes that due to its preliminary nature, this estimate will be updated on Friday, May 31, 2024, with the release of the official GDP by industry data for March.

In addition, with the availability of the advance estimate for March, information on rea Canadian GDP by industry suggest that the economy expanded 0.6% in Q1 2024. The official estimate for Q1 will be available on Friday, May 31, 2024, when the official estimate of real GDP by income and expenditure is released.

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