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- Canada’s economy unexpectedly contracted in February
Canada’s economy unexpectedly contracted in February
Statistics Canada announced on Tuesday that the country’s gross domestic product (GDP) decreased a seasonally adjusted 0.1 percent m-o-m in February, following a 0.3 m-o-m advance in January.
That was below economists’ forecast for a flat reading.
In y-o-y terms, the Canadian GDP rose 1.1 percent in February.
According to the report, both goods-producing (-0.2 percent m-o-m) and services-producing (-0.1 percent m-o-m) industries declined, with the 20 industrial sectors being nearly evenly split between gains and losses.
The mining, quarrying and oil and gas extraction (-1.6 percent m-o-m) and transportation and warehousing (-1.6 percent m-o-m) recorded the largest declines in February, while utilities (+1.5 percent m-o-m) posted the biggest gain due to record-setting cold weather in Western Canada.
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