Business
The Canadian economy grew 0.7% in January

The Canadian economy grew 0.7% in January

According to Statistics Canada, the economy grew 0.7% in January.

Increase in real gross domestic product compared to a 0.1% gain in December.

Growth also exceeded the agency’s preliminary estimate for the month by 0.5%.

It was the ninth consecutive monthly increase since the economy fell last year at the start of the pandemic in March and April.

However, Statistics Canada noted that total economic activity was still about 3% below the February level of last year, before the pandemic began.

The agency’s preliminary estimate for February this year shows growth of 0.5% for the month.

In January, retail trade, construction and real estate all contributed to economic growth.

The manufacturing sector advanced 1.9% in January, offsetting a 0.7% contraction in December.

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