Canadian GDP up 0.3 percent in January

Friday, 29 March 2019 22:18:56 (GMT+3)   |   San Diego
       

According to Statistics Canada, real gross domestic product expanded 0.3 percent in January, fully offsetting the declines in November and December 2018. The rise was widespread as 18 of 20 industrial sectors were up.

The output of goods-producing industries increased 0.6 percent, led by growth in manufacturing and construction. Services-producing industries rose 0.2 percent as all but one sector increased.

The manufacturing sector rose 1.5 percent in January, more than offsetting the declines of the previous two months. The growth was widespread across subsectors as both non-durable and durable manufacturing rose.

Following seven months of decline, the construction sector expanded 1.9 percent in January. This was the largest monthly growth since July 2013, with all types of construction activity increasing.

The residential construction subsector rose 3.1 percent, the second consecutive monthly gain. There was continued growth in home alterations and improvements, multi-unit housing construction and a pick-up in single and semi-detached housing construction.

Following five consecutive monthly declines, non-residential construction (+0.7 percent) increased for the second month, led by gains in industrial, commercial and wholesale construction.

Engineering and other construction (+1.7 percent) was up for the first time in 14 months while repair construction rose 1.2 percent

Mining, quarrying and oil and gas extraction was down for the fifth consecutive month in January, contracting 3.1 percent as all subsectors declined.

Mining (except oil and gas) declined 4.0 percent. Non-metallic mineral mining was down 5.4 percent in January, following two months of growth, largely due to a 5.4 percent contraction in potash and an 11.7 percent decrease in other (except potash) non-metallic minerals mining. Metal ore mining was down 3.9 percent as mining activities decreased in most subsectors. Coal mining expanded 4.8 percent.

Following a 17 percent decrease in December, support activities for mining and oil and gas extraction were down 3.9 percent in January as all types of supporting activities declined.


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