Canada GDP Rose 0.2% in January
Source: MarketWatch
Canada GDP Rose 0.2% in January
Published: March 31, 2022 at 8:30 a.m. ET
By Paul Vieira
OTTAWA--The Canadian economy grew in January despite the headwind posed by restrictions to deal with an Omicron-fueled wave of Covid-19 infections, and early data indicate a strong advance in February once authorities lifted those measures.
Canada's gross domestic product, or the broadest measure of goods and services produced in the economy, increased 0.2% in January from the previous month to 2.017 trillion Canadian dollars, or the equivalent of $1.611 trillion, Statistics Canada said Thursday. That increase matched market expectations, according to economists at TD Securities. The data agency also revised the GDP data for December, and now indicate output rose 0.1% versus the previous estimate of no gain.
Meanwhile, Statistics Canada said preliminary indicators point to a 0.8% rise in GDP for February, based on strength in the factory, commodity, hospitality and construction sectors.
The GDP results will reinforce expectations that the Bank of Canada could increase its policy rate by a half-percentage point at its next scheduled decision on April 13. A senior Bank of Canada official said last week the central bank is ready to move "forcefully" to bring inflation down from a three-decade high of 5.7% to its 2% target. Based on those comments, some forecasting firms have revised their rate outlook and now expect multiple half-percentage-point rate increases this year.
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Read more: https://www.marketwatch.com/story/canada-gdp-rose-0-2-in-january-271648729812
I know Canada is, like, totally a different country and everything, but we do trade with them.
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