Canada: GDP contracts in January
March 31, 2015
In January, GDP fell 0.1% over the previous month in seasonally-adjusted terms, which contrasted the 0.3% expansion recorded in December. According to Statistics Canada, the drop was largely driven by a decrease in the output of service industries.
On an annual basis, GDP rose 2.4% in January, which was below December’s 2.8% increase. The overall trend was stable as the annual average variation in GDP remained unchanged at December’s 2.4%.
Author: Dirina Mançellari, Senior Economist