CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

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CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

Canadian GDP grows for eighth month in a row

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Real gross domestic product (GDP) grew 0.2% in January, up for the eighth month in a row, according to Statistics Canada data.

Goods-producing industries increased 0.8% in January, a much better performance than that of the services producing industries which continued to be plagued by the effects of the Omicron variant and showed no growth.

Advance information indicates an approximate 0.8% expansion in real GDP in February, Statistics Canada reports.

The wholesale trade sector showed particularly strong growth in January, led by machinery and equipment sales. The sector grew 3.1% in January, the largest monthly growth rate since July 2020 and the sixth consecutive month of growth, as seven of nine subsectors contributed to the increase. Machinery, equipment and supplies wholesaling rose 5.5% in January as large imports of logging, construction, mining, and oil and gas field machinery and equipment in December 2021 made their way through distribution channels.

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