Statistics Canada announced on Wednesday that the country’s gross domestic product (GDP) grew 0.7 percent m-o-m in January 2021, following an unrevised 0.1 percent m-o-m advance in December 2020.

This was above economists’ forecast for a 0.5 percent m-o-m advance and marked the ninth consecutive monthly gain. However, overall economic activity was still about 3 percent below February's pre-pandemic level.

In y-o-y terms, the Canadian GDP fell 2.3 percent in January.

According to the report, both goods-producing (+1.5 percent m-o-m) and services-producing (+0.4 percent m-o-m) industries rose in January as the 20 industrial sectors were nearly evenly split between expansions and contractions.

It was also reported that preliminary data indicates an approximate 0.5 percent m-o-m gain in real GDP for February.