- Canada’s economy grows slightly less than forecast in February
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Canada’s economy grows slightly less than forecast in February
Statistics Canada announced on Wednesday that the country’s gross domestic product (GDP) grew 0.4 percent m-o-m in February, following an unrevised 0.7 percent m-o-m advance in January.
This marked the tenth consecutive monthly gain but was slightly below economists’ forecast for a 0.5 percent m-o-m advance. However, overall economic activity was still about 2 percent below February's pre-pandemic level.
In
y-o-y terms, the Canadian GDP declined 2.2 percent in February.
According
to the report, services-producing industries (+0.6 percent m-o-m) rose in February,
while goods-producing industries (-0.2 percent m-o-m) contracted for the first
time since April 2020. Overall, 14 of the 20 industrial sectors were up in
February.
It
was also reported that preliminary data indicates an approximate 0.9 percent
m-o-m gain in real GDP for March.
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