Canada’s economy reverses earlier declines, growing 0.3% in January
The Canadian economy grew by 0.3 per cent in January from December, fully offsetting the declines of the last two months, Statistics Canada said on Friday.
The expansion follows a 0.1 per cent decline in December and beat forecasts of a flat month by analysts in a Reuters poll.
The goods-producing industries rose by 0.6 per cent, led by growth in manufacturing and construction, while the service-producing industries rose 0.2 percent.
Non-durable manufacturing rose by 1.9 per cent, its strongest growth rate in seven months, nearly offsetting the declines of the past four months, Statistics Canada said. Durable manufacturing rose 1.2 per cent, led by transportation equipment.
The construction sector, meanwhile, expanded by 1.9 per cent in January, reversing seven months of declines and posting its largest monthly gain since July 2013.