Canada’s GDP increases in January

Ottawa: Canada’s real gross domestic product (GDP) by industry increased 0.3 per cent in January, the national statistical agency said.

Statistics Canada said on Tuesday that increases in the mining, quarrying, and oil and gas extraction, wholesale trade, professional, scientific and technical services, and transportation and warehousing sectors were slightly offset by decreases in construction and retail trade, reports Xinhua news agency.

Real GDP by industry edged down 0.1 per cent in December 2022, following a 0.1 per cent uptick in November.

Goods-producing industries declined, while service-producing industries remained essentially unchanged, the statistical agency said, updating its December data.

According to Statistics Canada, GDP data showed that growth in the Canadian economy decelerated for a second straight quarter, edging up 0.2 per cent in the fourth quarter of 2022, the slowest pace of growth since the second quarter of 2021.

Services-producing industries rose 0.5 per cent in the fourth quarter of 2022, up for a sixth consecutive quarter, while goods-producing industries contracted 0.6 per cent in the fourth quarter.

Statistics Canada also updated the country’s GDP growth in 2022 to 3.6 per cent from its previous estimate of 3.8 per cent.

Despite the interest rate hike impact, the removal of Covid-related restrictions, the presence of favourable farming conditions, and subsiding supply-chain issues and semiconductor shortages supported growth in 2022 and the annual economic activity exceeded its 2019 pre-pandemic level, said Statistics Canada.