Canada’s economy showed a rebound in January, with real gross domestic product growing by 0.5 per cent for the month, Statistics Canada reported Friday.
Several sectors show turnaround from December slide
Canada’s economy showed a rebound in January, with real gross domestic product growing by 0.5 per cent for the month, Statistics Canada reported Friday.
The figures came after a contraction of 0.1 per cent in December.
Statistics Canada said the main drivers of growth in January were also the largest contributors to the December decline.
“In January, the wholesale trade, transportation and warehousing, and mining, quarrying and oil and gas extraction sectors all rebounded from declines recorded in the previous month,” the federal agency said.
After remaining relatively flat in the second half of 2022, the accommodation and food services sector was also among the top contributors to growth in January.
Advance figures for February indicate that the economy continued to expand that month, although the 0.3 per cent increase is less than what was seen in January.