Canadian Real GDP Increases 0.7% in January

Statistics Canada (StatsCan) is reporting that Real gross domestic product (GDP) in Canada rose 0.7% in January, following 0.1% growth in December. This marks the ninth consecutive monthly increase, continuing to offset the steepest drops on record in Canadian economic activity observed in March and April 2020. However, total economic activity still remains approximately -3% below the February 2020 level before the COVID-19 pandemic. Wood product manufacturing rose 4.1% as all industries were up, benefiting from higher prices for their products and heightened demand both domestically and internationally. Building material and supplies wholesaling jumped 9.6%, benefiting from increased construction activity.