Statistics
Canada reported on Friday that the Canadian gross domestic product (GDP) grew
0.4 per cent m-o-m in January 2025, following
an upwardly revised 0.3 per cent m-o-m expansion (from +0.2
per cent m-o-m) in the previous month.
Economists had forecast a 0.3 per cent m-o-m increase in January.
In y-o-y terms,
the Canadian GDP advanced 2.2 per cent in January.
According to
the report, the
goods-producing industries registered a 1.1 per cent m-o-m increase (the
largest one since October 2021) in January, while the services-producing
businesses recorded just a 0.1 per cent m-o-m uptick.
Overall, 13 of the 20
industrial sectors rose in the reviewed period, led by utilities (+2.7 per cent
m-o-m), mining, quarrying, and oil and gas extraction (+1.8 per cent m-o-m), and
arts, entertainment and recreation (+1.1 per cent m-o-m). Meanwhile, management of companies and enterprises (-3.8 per cent m-o-m),
and retail trade (-0.9 per cent m-o-m) posted the steepest declines.
It was also reported that preliminary data
indicates that real GDP was
essentially unchanged m-o-m in February, reflecting gains in the manufacturing
and finance and insurance sectors that were offset by decreases in the real
estate and rental and leasing sector, the oil and gas extraction subsector and
the retail trade sector.