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Economy grows 0.1% in February: StatCan

By Brad Perry Apr 28, 2023 | 1:11 PM

Canada’s economy grew slightly in February, according to new figures from Statistics Canada.

The country’s GDP climbed 0.1 per cent, following a 0.6 per cent increase in January.

StatCan reported that both services-producing industries and goods-producing industries edged up.

The public sector led the way in February, expanding for the 13th consecutive month, said Friday’s report.

Professional, scientific, and technical services rose for a third consecutive month, while construction activity expanded for the fifth month in a row.

Finance and insurance also advanced, marking its second straight month of growth.

On the flip side, wholesale trade was down, partially offsetting the large gain saw in January.

Retail trade also lost ground after January gains and manufacturing also edged down.

Meanwhile, StatCan said early figures show GDP increased by 0.6 per cent in the first quarter, with the economy contracting 0.1 per cent in March.

Those estimates will be updated when the official GDP data for March is released at the end of May.

The full report can be found on Statistics Canada’s website.


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