Canada’s Economy Exceeded Expectations Growing 0.7 Per Cent in January

Statistics Canada said the Canadian economy grew 0.7 per cent in January in the face of severe public health restrictions, and appears to have grown almost as much in February

January’s reading for real gross domestic product compared with a gain of 0.1 per cent in December and topped the data agency’s preliminary estimate for the month of 0.5 per cent.

It was the ninth consecutive monthly increase since the plunge in the economy last year at the start of the pandemic in March and April when workers were ordered home and non-essential businesses forced to close.

Nearly a year later, Statistics Canada said total economic activity was still about 3 per cent lower than last February’s levels before the pandemic broke out.

The biggest concern of the current economy is that COVID-19 and its variants are pushing up caseloads across the country, placing pressure on provinces to tighten restrictions once again.

The growth in January came as goods-producing industries rose 1.5 per cent, while services-producing industries added 0.4 per cent.

Statistics Canada said the wholesale trade sector rose 3.9 per cent in January, more than offsetting a 1.5 per cent contraction in December.

The manufacturing sector grew 1.9 per cent in January to offset a decline of 0.7 per cent in December, while the mining, quarrying, and oil and gas extraction sector grew 2.7 per cent, its fifth consecutive month of growth.

This content is also available in: Tiếng Việt

#seesomething, saysomething

Culture Magazin magazine always wants to listen and receive contributions from readers.
In case you submit articles about your ideas, interesting social events or hot news that you would like to share with us, email us at info@culturerus.com or inbox us at the FB page – https://www.facebook.com/culturemagazin.
Try our test reporter once. Quality articles will be selected and posted on Culturemagazin’s website and official social networking sites!
#seesomething, saysomething

Discover

Bài Liên Quan

Proverb – Đi Một Ngày Đàng, Học Một Sàng Khôn

Whenever you venture out to try something new, regardless of success or failure, you will have cultivated something from your experience....

Bank of Canada made further rate cut to 0.75 percent; U.S. Federal Reserve slashes rate to near 0 in urgency to offset COVID-19 impact

As the coronavirus pandemic continues to deepen the threat to the economic growth of the world, U.S. and Canada took the dramatic...

India’s farmers gather record wheat crop, but cannot move it

Reported By: Mayank Bhardwaj, Reuters GHARAUNDA, India (Reuters) - Late last month, Sukrampal had to beg and borrow farmhands...

Canadians Who Want To Be Vaccinated Will Get the COVID-19 Vaccine Before September 2021

Canada is expected to have enough COVID-19 vaccines next year to vaccinate all Canadians by the end of September, according to Public...

Now Hiring: StatCan Needs 32,000 Canadians to Administer 2021 Census

Statistics Canada plans to hire 32,000 employees across Canada to conduct the next census in May 2021. StatCan said...

An Introduction to Canadian Industries

Canada is the second largest country in the world and is divided into 10 provinces and three territories, each with a...

Bank of Canada says downward pressure on inflation likely once shutdown ends

OTTAWA (Reuters) - The Bank of Canada thinks there is likely to be downward pressure on inflation once coronavirus-related shutdowns are lifted,...

This content is also available in: Tiếng Việt