Economy grows for 4th straight month in January, biggest gain since 2013
Canada’s economy expanded for the fourth consecutive month in January, as the country’s gross domestic product grew by 0.6 per cent from December.
The figure was twice as much as what economists polled by Bloomberg were expecting, and represents the strongest monthly GDP growth since July of 2013.
Goods-producing industries expanded by 1.2 per cent, Statistics Canada reported, far better than the 0.4 per cent growth seen in the service sector.
Oil and gas, manufacturing, retail trade, utilities and finance all expanded. Wholesale trade and the arts, entertainment and recreation sectors shrank.
The mining sector shrank, mainly as a result of a decline in copper, nickel, lead and zinc.
Canada’s overall economy has now grown for four consecutive months, its longest winning streak since before the oil shock began in 2014.
“Today’s monthly GDP report is perhaps the most encouraging in recent memory,” TD economist Brian DePratto said. “Strength was broad-based, with nearly all major industries growing in January.”
“Evidence continues to mount that the rotation towards manufacturing/export led growth is now beginning to take place.”
CBC | Business News