January GDP Up by 0.5%

Statistics Canada released January 2023 GDP, showing a 0.5% increase over December. Seventeen of twenty industrial sectors posted increases, indicating the gains were fairly evenly spread. Non-residential building construction grew by 0.3% - it's second consecutive rise. Wholesale trade (+1.8%), mining, quarrying and oil and gas extraction (+1.1%) and durable goods manufacturing (+1.2%) led the growth parade on the goods side of the economy, with accommodation and food services (+4.0%) the big winner on the services side. StatsCan is forecasting 0.3% growth for February, hinting that the Bank of Canada's interest rate tightening last year may be starting to pay off. Read the StatsCan article here.