• Canada GDP grows a stronger-than-expected 0.2% in January

Market news

28 March 2013

Canada GDP grows a stronger-than-expected 0.2% in January

Canada's economic growth in January was stronger-than-expected as manufacturing and wholesale trade rebounded, and the arts and entertainment sector expanded the most in three years as professional hockey resumed.

Gross domestic product, the sum total of goods and services produced in the country, rose 0.2% to 1.56 trillion Canadian dollars ($1.53 trillion) in January, erasing the prior month's decline of the same magnitude, Statistics Canada said Thursday.

The consensus call was for a 0.1% increase, according to a report from Royal Bank of Canada. On a year-on-year basis, GDP accelerated to 1.0% from 0.7% in December.

Output in the goods-producing sector expanded 0.4% on the month, thanks to a 1.2% bounce-back in manufacturing and a 0.2% gain in mining, quarrying and oil and gas extraction.

The services-producing sector rose 0.2%, the most since June 2012, as wholesale trade expanded 0.7%. The arts, entertainment and recreation component snapped a six-month losing streak to grow 4.1%--the largest increase since February 2010--as the National Hockey League lockout ended.

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