May 19, 2020
Canada sees economic growth
In terms of economic growth, Canada is well on its way. For the fifth straight month, Canada’s gross domestic product (GDP) gained from the prior month. In January, the GDP grew 0.6 percent to $1.22 trillion Canadian Dollars. The GDP growth came from resurgence in the manufacturing, construction and wholesale trade according to Statistics Canada.
The housing market continued to be a mitigating factor in the success of the Canadian economic recovery. According to the report, “The construction sector advanced 1.7% in January. The increases recorded in residential construction (+4.0%) and in engineering and repair work (+1.0%) overshadowed the 0.5% decrease in non-residential building construction.”
Another industry that did fairly well and helped raise the overall GDP was the retail trade industry. The report states value added in the retail trade sector rose 0.8% in January. The biggest increases came in building and outdoor home supplies stores, home furnishings stores and food and beverage stores.
For the complete report: http://www.statcan.gc.ca/daily-quotidien/100331/dq100331a-eng.htm