Canada: GDP continues to grow in February
April 30, 2013
In February, GDP increased a seasonally adjusted 0.3% over the previous month. The figure mirrored January's result and was above market expectations of a 0.2% expansion. According to Statistics Canada, mining, quarrying, and oil and gas extraction was the main contributor to February's growth.
On an annual basis, GDP rose 1.7% in February, which was above the 1.1% increase observed in January. The trend remained stable, with annual average variation in GDP unchanged at January's 1.7%.
According to its April Monetary Policy Report, the Central Bank projects the economy to grow 1.5% this year and 2.8% in 2014. FocusEconomics Consensus Forecast panellists are slightly more optimistic and expect the economy to grow 1.7% in 2013, which is unchanged from last month's estimate. For 2014, the panel expects the economy to expand 2.5%.