Statistics Canada announced on Friday that the Canadian gross domestic
product (GDP) grew 0.1 percent m-o-m in February, following an upwardly revised
0.6 percent m-o-m expansion (from +0.5 percent m-o-m) in January. Economists had forecast a 0.2 percent m-o-m advance for February.
In y-o-y terms, the Canadian GDP grew 2.5 percent in February.
According to the report, both goods-producing (+0.1 percent m-o-m and) services-producing
(+0.1 percent m-o-m) businesses underpinned the February uptick.
Overall, 12 of the 20 industrial sectors demonstrated an expansion in February,
led by professional, scientific and technical services (+0.6 percent m-o-m), utilities
(+0.6 percent m-o-m), and educational services (+0.5 percent m-o-m). Meanwhile, management
of companies and enterprises (-2.4 percent m-o-m), arts, entertainment and
recreation (-1.4 percent m-o-m), and wholesale trade (-1.3 percent m-o-m) showed
the biggest declines.
It was also reported that preliminary data
indicates that real GDP shrank 0.1 percent m-o-m
in March.