Canada: GDP sees slower growth in January
March 30, 2012
In January, GDP increased a seasonally adjusted 0.1% over the previous month, which was below December's 0.5% rise but in line with market expectations. Growth in output of goods-producing industries slowed in January, led by declining mining and oil and gas extraction. Moreover, growth in output of service-producing industries also decelerated, mainly driven by slower expansions in wholesale trade as well as in finance, insurance and real estate services. On an annual basis, GDP expanded 1.7% in January (December: +1.9% year-on-year). Moreover, the trend continues to point downwards, with the annual average growth rate inching down from 2.6% in December to 2.5% in January. The Central Bank projects the economy to grow 2.0% in 2012 and 2.8% in 2013.