29 Apr 2016
Canada: GDP growth negative in February but above expectations
According to Statics Canada, GDP growth shrank in February 0.1%, number stronger than the 0.2% decline expected. The economy contracted for the first time in five months, affected by a slowdown in manufacturing energy and mining sectors. During January, it expanded at a 0.6% rate (unrevised), the strongest month since mid-2013.
On a year-over-year basis, the economy rose 1.5%, in line with expectations and below the 1.6% reading of the previous month.
Key numbers:
“After rising for four consecutive months, real gross domestic product edged down 0.1% in February. The output of goods-producing industries declined in February, while the output of service-producing industries was essentially unchanged.”
“After increasing 0.9% in January, the output of goods-producing industries contracted 0.6% in February primarily as a result of decreases in manufacturing and mining, quarrying, and oil and gas extraction. Declines were also registered in the agriculture and forestry sector as well as in utilities. Construction edged up.”
“Wholesale trade contracted 1.8% in February after rising the previous three months. Most subsectors were down. The largest decline in terms of output came from wholesalers of machinery, equipment and supplies, followed by the motor vehicles and parts and building material and supplies subsectors.”
“Retail trade expanded 1.4% in February, after rising 1.6% in January. Notable increases were posted at clothing and clothing accessories stores, food and beverage stores, and general merchandise stores (which include department stores).”
“Durable-goods manufacturing was down 1.8% in February, after expanding for three consecutive months.”
“Non-durable goods manufacturing rose 0.4%, a third consecutive monthly increase.”
“Mining, quarrying, and oil and gas extraction declined 0.8% in February, after increasing 1.0% in January.”
“Construction edged up 0.1% in February.”
“The output of real estate agents and brokers grew 1.5% as a result of increased activity in the home resale market.”
The public sector (education, health and public administration combined) edged up 0.1% in February.”
“The finance and insurance sector edged up 0.1% in February.”
“Accommodation and food services rose 0.7%, as the increase In accommodation services outweighed a decline in the food services and drinking places industry.”
“Transportation and warehousing services declined 0.2% in February, after rising 1.1% in January.”
“Utilities decreased 0.2% in February.”
On a year-over-year basis, the economy rose 1.5%, in line with expectations and below the 1.6% reading of the previous month.
Key numbers:
“After rising for four consecutive months, real gross domestic product edged down 0.1% in February. The output of goods-producing industries declined in February, while the output of service-producing industries was essentially unchanged.”
“After increasing 0.9% in January, the output of goods-producing industries contracted 0.6% in February primarily as a result of decreases in manufacturing and mining, quarrying, and oil and gas extraction. Declines were also registered in the agriculture and forestry sector as well as in utilities. Construction edged up.”
“Wholesale trade contracted 1.8% in February after rising the previous three months. Most subsectors were down. The largest decline in terms of output came from wholesalers of machinery, equipment and supplies, followed by the motor vehicles and parts and building material and supplies subsectors.”
“Retail trade expanded 1.4% in February, after rising 1.6% in January. Notable increases were posted at clothing and clothing accessories stores, food and beverage stores, and general merchandise stores (which include department stores).”
“Durable-goods manufacturing was down 1.8% in February, after expanding for three consecutive months.”
“Non-durable goods manufacturing rose 0.4%, a third consecutive monthly increase.”
“Mining, quarrying, and oil and gas extraction declined 0.8% in February, after increasing 1.0% in January.”
“Construction edged up 0.1% in February.”
“The output of real estate agents and brokers grew 1.5% as a result of increased activity in the home resale market.”
The public sector (education, health and public administration combined) edged up 0.1% in February.”
“The finance and insurance sector edged up 0.1% in February.”
“Accommodation and food services rose 0.7%, as the increase In accommodation services outweighed a decline in the food services and drinking places industry.”
“Transportation and warehousing services declined 0.2% in February, after rising 1.1% in January.”
“Utilities decreased 0.2% in February.”