Economy grew 0.5 per cent in January, Statistics Canada reports – Business News

Estimated read time 1 min read

Economy grows 0.5%

The Canadian Press – | Stories: 418883

Statistics Canada says economic growth resumed in January following a small contraction in December.

The agency says real gross domestic product rose 0.5 per cent to start the year after contracting 0.1 per cent in the final month of 2022.

It also says that its initial estimate for February indicates continued growth with a gain of 0.3 per cent, though it cautions the figure will be updated.

For January, the growth came as the wholesale trade, transportation and warehousing, and mining, quarrying and oil and gas extraction sectors all rebounded after falling in December.

Wholesale trade gained 1.8 per cent in January, helped by wholesalers of machinery, equipment and supplies, while the mining, quarrying and oil and gas extraction sector grew 1.1 per cent after falling 3.3 per cent in December.

The transportation and warehousing sector added 1.9 per cent in January, more than offsetting a drop of 1.1 per cent in December which was partly due to bad weather.

You May Also Like

More From Author