Canada’s gross domestic product (GDP) increased 0.1% in February following a 0.6% increase in January, according to Statistics Canada.
In all, 12 of 20 economic sectors increased during the month of February.
The public sector that includes education and healthcare grew 0.2% in February, up for the thirteenth consecutive month. And construction activity in Canada expanded for a fifth consecutive month, rising 0.3% in February.
Finance and insurance activity also increased, rising 0.3% in February, a second consecutive monthly advance.
However, Canada’s wholesale trade contracted 1.3% in February, partially offsetting the large January gain in that sector.
Building material and supplies wholesalers continued a downward trend that was observed for most of 2022.
Motor vehicle and motor vehicle parts and accessories wholesalers posted a 4.4% decline in February, reaching their lowest level since June 2020.
Also, retail sales decreased 0.5% in Canada during February, recording its first decline in three months.
Canada’s manufacturing sector edged down 0.1% in February as non-durable goods manufacturing contracted 0.3% in the month.
GDP measures the market value of the goods and services produced and sold in a country. It is a closely watched economic gauge by the Bank of Canada.
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