Investing.com – Growth in Canada's economy strengthened for the fourth consecutive month in January, beating the consensus estimate, official data showed on Thursday.
In a report, Statistics Canada said gross domestic product expanded 0.6% in January from a month earlier, higher than forecasts for growth of 0.3%. Canada’s economy grew 0.2% in December.
Manufacturing, retail trade, and mining, quarrying, and oil and gas extraction were major contributors to growth in January.
The output of goods-producing industries grew 1.2% in January, mainly as a result of increases in manufacturing and mining, quarrying, and oil and gas extraction.
Utilities, construction, and the agriculture and forestry sector also rose.
The output of service-producing industries rose 0.4%, a fourth consecutive monthly gain.
Statistics Canada said that notable increases were posted in retail trade, the finance and insurance sector, the public sector (education, health and public administration combined) as well as transportation and warehousing services. In contrast, wholesale trade and the arts, entertainment and recreation sector declined.
The loonie strengthened after the release, with the USD/CAD trading at 1.2923 from around 1.2936 ahead of the release of the data.