Canadian Real GDP Increased 1.1% in February 2022

Statistics Canada (StatsCan) reported today (4-29-22) that real gross domestic product (GDP) rose 1.1% in February, the largest monthly growth rate since March 2021. The increase was a result of broad-based increases across most sectors, which contributed to the ninth consecutive monthly expansion in economic output. Both services-producing (+0.9%) and goods-producing (+1.5%) industries were up, as 16 of 20 industrial sectors expanded in February.

In February, the construction sector expanded 2.7%, as all subsectors contributed to the growth. Residential building construction rose 3.7%, led by home alterations and improvements and construction of apartment buildings. This was the second consecutively monthly increase. Non-residential building construction increased 1.4%, representing its eighth consecutive gain, with alterations and improvements contributing the most to the gain. Industrial building construction also increased, fueled by several new manufacturing and maintenance building projects in Ontario and Quebec.

Advance information indicates that real GDP increased 0.5% for March, with increases recorded in the manufacturing and construction sectors. The wholesale sector posted a decline. This advance information for real GDP by industry indicates a 1.4% increase in the first quarter of 2022. Owing to their preliminary nature, these estimates will be updated on May 31, 2022, with the release of the official GDP data for March and the first quarter of 2022.

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