Canada’s Economy Exceeded Expectations Growing 0.7 Per Cent in January

Statistics Canada said the Canadian economy grew 0.7 per cent in January in the face of severe public health restrictions, and appears to have grown almost as much in February

January’s reading for real gross domestic product compared with a gain of 0.1 per cent in December and topped the data agency’s preliminary estimate for the month of 0.5 per cent.

It was the ninth consecutive monthly increase since the plunge in the economy last year at the start of the pandemic in March and April when workers were ordered home and non-essential businesses forced to close.

Nearly a year later, Statistics Canada said total economic activity was still about 3 per cent lower than last February’s levels before the pandemic broke out.

The biggest concern of the current economy is that COVID-19 and its variants are pushing up caseloads across the country, placing pressure on provinces to tighten restrictions once again.

The growth in January came as goods-producing industries rose 1.5 per cent, while services-producing industries added 0.4 per cent.

Statistics Canada said the wholesale trade sector rose 3.9 per cent in January, more than offsetting a 1.5 per cent contraction in December.

The manufacturing sector grew 1.9 per cent in January to offset a decline of 0.7 per cent in December, while the mining, quarrying, and oil and gas extraction sector grew 2.7 per cent, its fifth consecutive month of growth.

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