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Canada’s economy saw slight growth in January, as gains in goods-producing industries like mining offset a slowdown in manufacturing, Statistics Canada said on Tuesday.
Goods-producing industries like mining offset manufacturing slowdown
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Canada’s economy saw slight growth in January, as gains in goods-producing industries offset a slowdown in manufacturing, Statistics Canada said on Tuesday.
Mining, oil and gas extraction and quarrying were largely responsible for the monthly growth, expanding 1.2 per cent and undoing declines from December.
The growth in oil and gas was the result of increased crude petroleum extraction in Newfoundland and Labrador, as well as Saskatchewan. Natural gas extraction also expanded.
However, manufacturing declined in January, erasing more growth than it gained in December because of weakness in the durable goods subsector.
Services-producing industries saw little change during the month.
The data agency said that its advance estimate for February is a 0.2 per cent increase in real GDP.
