Durable goods manufacturing growth was flat in February compared to the previous month but is 3.9% ahead of last year's pace for the same time period. PHOTO by Pexels.
Canadian manufacturing GDP edged down 0.1% in February due to a drop 0.3% drop in the non-durable goods manufacturing sector. Durable goods manufacturing activity remained essentially unchanged compared to the previous month and was up 3.9% year-over-year, according to Statistics Canada.
Overall, Canadian GDP was up 0.1% in February compared to the previous month and up 2.5% compared to the same month in 2022.
Advance information indicates that real GDP edged down 0.1% in March, Statistics Canada says, but was up 0.6% for the first quarter. Owing to its preliminary nature, these estimates will be updated on May 31, 2023, with the release of the official GDP data for March and the first quarter of 2023.