Canadian economy grew 0.3 per cent in January, beats expectations

OTTAWA—Statistics Canada says real gross domestic product grew 0.3 per cent in January as the economy bounced back after contracting in November and December.

Photo by Adeolu Eletu on Unsplash

Economists on average had expected no growth for the month, according to Thomson Reuters Eikon.

The growth came as 18 of 20 industrial sectors moved higher.

Goods-producing industries increased 0.6 per cent, led by growth in manufacturing and construction.

The manufacturing sector rose 1.5 per cent in January, while the construction sector grew 1.9 per cent, its best showing since July 2013.

Services-producing industries rose 0.2 per cent as all but one sector increased.