Canadian Real GDP Increases 0.6% in January
Gross domestic product by industry, January 2024
On Thursday, Statistics Canada (StatCan) reported that Canadian real gross domestic product (GDP) grew 0.6% in January, led by a rebound in educational services following the resolution of the public sector strikes in Quebec in November and December.
Goods-producing industries inched up 0.2% in January, with the utilities and manufacturing sectors rebounding from declines in the previous month. Overall, there was broad-based growth with 18 of 20 sectors increasing in January.
StatCan reports that “advance” information indicates that real GDP increased 0.4% in February. Broad-based increases—with the main contributions from mining, quarrying, and oil and gas extraction; manufacturing; and finance and insurance—were partially offset by decreases in utilities. Owing to its preliminary nature, this estimate will be updated on April 30th with the release of the official GDP by industry data for February.
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