Canadian Real GDP Increased 0.5% in January

Statistics Canada (StatCan) reported Friday (3-31-23) that real gross domestic product (GDP) in Canada rose 0.5% in January, following a slight contraction of 0.1% in December 2022. Goods-producing industries were up 0.4%, while services-producing industries were up 0.6%. In January, 17 of 20 industrial sectors posted increases.

The construction sector posted a 0.7% gain, its largest increase since March 2022—a reflection of an increase in activity in all construction subsectors. Engineering and other construction activity increased 1.2% and was the main drive in the sector. Residential building was another large contributor, gaining 0.6%, increasing for the second time in 10 months as home repair and remodeling drove gains. Non-residential building construction gained 0.3%.

Advance information indicates that real GDP increased 0.3% in February. Increases in the mining, quarrying, and oil and gas extraction, manufacturing, and finance and insurance sectors were slightly offset by decreases in construction, wholesale trade, accommodation and food services. StatsCan notes that due to its preliminary nature, these estimates will be updated based on more complete data with the release of the official GDP data for February, which is scheduled for April 28th.

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