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.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Gross domestic product by industry, January 2021