Canada GDP moves to a new high
- Canada GDP 0.5% versus 0.3% expected
- Prior month at -0.1% unchanged from the previous estimate
- goods producing rose 0.4%
- service producing rose 0.6%
- 17 of 20 industrial sectors posted increases
- the advance estimate for February indicates an increase of 0.3%
- wholesale trade rose 1.8% in January which more than offset the declines observed in the previous two months
- mining quarrying and oil and gas extraction increase by 1.1% in January after A- 3.3% decline in December due to unplanned maintenance
- manufacturing sector grew 0.5% in January led by growth in durable goods manufacturing (up to 1.2%. Third consecutive monthly increase). Non durable goods manufacturing fell -0.3%, 86 consecutive decline.
- Construction spending increased by 0.7% the largest gain since March 2022
- transportation and warehousing increase 1.9% versus -1.1% in December
- accommodations and food services rose 4.0%
- arts, entertainment and recreation rose 2.1%
- public-sector growth rose 0.3% for the 12 consecutive month
According to Statcan, many of the main drivers of growth in January were also the largest contributors to Decembers decline. In January, the wholesale trade, transportation and warehousing, and mining, quarrying and oil and gas extraction sectors all rebounded from declines recorded in the previous month. After remaining relatively flat in the second half of 2022, activity in accommodation and food services was also among the top contributors to growth in January, led by food services and drinking places.
Below is a look at the growth in individual sectors. Agriculture and forest tree and utilities were the only decliners:
Canada GDP for January