March 28, 2024, 08:39 AM

Canada's GDP Grows Tad Higher Than Expected; February Preliminary GDP Also Shows Expansion

Canada's real gross domestic product (GDP) grew 0.6% m/m in January, said the country's statistical agency on Thursday.

January's expansion was slightly higher than a 0.4% m/m consensus increase provided by MUFG.

Services-producing industries increased 0.7% m/m in January, led by a rebound in educational services following the resolution of the public sector strikes in Quebec in November and December, pointed out Statistics Canada in a statement. Goods-producing industries were up 0.2% m/m in January 2024 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.

Advance information indicates that real GDP rose 0.4% m/m in February, noted StatsCan. Broad-based increases, with main contributions from mining, quarrying, and oil and natural gas extraction, manufacturing, and finance and insurance, were partially offset by decreases in utilities.

January's manufacturing fully recoups December's decline. Utilities were up and rail transportation was down amid severe winter conditions in parts of the country, while the mining, quarrying and oil and gas extraction sector contracts in January. The real estate and rental and leasing sector grows on higher resale activity. Information and cultural services (+1.0%) grew for the third consecutive month in January and posted its largest growth rate since August 2021.

For Canada, GDP and Income and Expenditure Accounts measure the production of goods and services in the Canadian economy as well as the incomes arising from this production and expenditure on the production. GDP represents the unduplicated value of goods and services produced during the reference period and are available for domestic consumption, investment or export.

http://www.mtnewswires.com
Copyright © 2024 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

Market data, news, and company information provided by Interactive Data. Copyright © 2016. Terms of use. Earnings estimates and analyst ratings provided by Zacks. News provided by The Associated Press and MT Newswires, a division of MidnightTrader, Inc. Hemscott equity data provided by Morningstar, Inc. Analyst reports provided by Argus Research Company and Marketgrader.com. Share details provided by EDGAR Online. Economic events copyright 1999-2016 Econoday, Inc. Earnings events provided by Wall Street Horizon. © 2016 Wall Street Horizon, Inc.

« Previous page