Real GDP grew 0.2 per cent in February

Statistics Canada says real gross domestic product rose 0.2 per cent in February.

The growth followed a 0.5 per cent gain in January.

Looking ahead, Statistics Canada says its advance estimate for March indicated that real GDP was essentially unchanged for the month.

Based on the preliminary figure, the Canadian economy grew at an annualized rate of 2.5 per cent in the first quarter of 2024.

Overall, Statistics Canada said 12 of 20 sectors showed growth in February.

The economic expansion in the month came as services-producing industries increased 0.2 per cent. It was helped by the transportation and warehousing sector which increased 1.4 per cent, as rail transportation grew 5.5 per cent with activity returning to normal after freezing temperatures in January in Western Canada.

Air transportation also increased 4.8 per cent in February, driven by growth in international travel as some airlines increased capacity to Asia.

Statistics Canada said goods-producing industries were essentially unchanged.

The mining, quarrying, and oil and gas extraction sector grew 2.5 per cent in February as oil and gas extraction increased 3.3 per cent, partially offsetting a contraction in January. Mining and quarrying (except oil and gas) rose 1.9 per cent.

The utilities sector contracted 2.6 per cent, while the manufacturing sector fell 0.4 per cent.