GDP jumps 1.1% in Canada in February

Real gross domestic product (GDP) rose 1.1% in February in Canada, the highest monthly growth rate since March 2021.

Widespread increases in most sectors contributed to the country’s ninth consecutive monthly increase in economic output, according to Statistics Canada.

Services-producing industries advanced 0.9% while goods-producing industries rose 1.5%, driven by increases in 16 of 20 industries in February.

The lessening of the effects of the Omicron variant across the country has resulted in relaxation of sanitary measures. The accommodation and food services sector benefited, jumping 15.1% in February, offsetting most of the declines seen in the previous two months.

The arts, entertainment and recreation sector rebounded on easing and rose 8.4% in February, following two months of declines.

The transportation and warehousing sector increased by 3.1%, the construction sector by 2.7% and the mining, quarrying, and oil and gas, 3.4%.

Advance information tells Statistics Canada that real GDP rose 0.5% in March across the country.

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