Canada GDP for January 0.4% vs 0.3% estimate

• Prior month 0.2%
• Canada GDP For January 0.4% vs 0.3% estimate
• Advanced estimate for February 0.0% MoM

Details:

• Real GDP grew 0.4% in January, following a 0.3% rise in December

• 13 of 20 sectors saw growth in January

• Goods-producing industries led the increase, up 1.1%—the largest gain since October 2021

• All industrial sectors within goods production expanded

• Mining, quarrying, oil and gas extraction, and manufacturing were the main drivers

More details:

• Services-producing industries rose modestly by 0.1%

• The mining, quarrying, and oil and gas extraction sector grew 1.8% in January, with all three subsectors expanding in the month. This was the second consecutive month of growth for the sector.

• The manufacturing sector rose 0.8% in January, following two consecutive monthly declines, as the durable-goods manufacturing aggregate (+2.0%) rebounded from the decline recorded in the previous month, with 8 of 10 subsectors rising in January.

• The utilities sector was among the top contributors to growth for a second consecutive month, expanding 2.7% in January, following a 5.0% increase in December.

• Construction rose 0.7% in January as most types of construction activity were up

• Retail trade was the largest detractor to growth in January, after being the largest contributor to growth in December, contracting 0.9% in January as activity in 6 of 12 subsectors decreased..

This article was written by Greg Michalowski at www.forexlive.com.