Canada GDP for January 2021
- monthly GDP 0.7% vs. 0.5% estimate. Last month 0.1%
- YoY -2.3% vs. -2.6% estimate. Prior month -3.0%
- goods producing, +1.5%
- service producing, +0.4%
- wholesale trade was up 3.9% in January vs. -1.5% in December. 8 of 9 subsectors contributor to growth led by machinery, equipment and supplies wholesaling which increased by 8.2%
- manufacturer increased by 1.9% vs. -0.7% in December. Durable manufacturing was up 2.9% (largest since August 2020). Wood product manufacturing rose 4.1% benefiting from hundred prices and increased demand.
- Mining quarrying and oil and gas extraction grew by 2.7% in January. This was the 5th consecutive month
- construction was up 1.4% which was the 3rd increase in 4 months
- retail trade was down for the 3rd time in 4 months with a decline of -1.7%. 9 of 12 subsectors declined
- finance insurance increase by 0.8% with all subsectors rising
- professional services increased by 1.1%
- public sector (educational services, healthcare and social assistance and public administration) increase by 0.3% preliminary information indicates an approximate 0.5% increase in real GDP for February according to Statistics Canada
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