Canada: GDP grew 0.6% in January vs. 0.3% estimate

According to the latest data released by the Statistics Canada, gross domestic product grew 0.6% in January (MoM) on the strength of widespread growth across both goods- and service-producing industries. With the exception of October, gross domestic product has risen every month since June 2016. The Year on Year growth came in at 2.3% versus 1.9% estimate. 

• Goods-producing industries grew for the seventh time in eight months, increasing by 1.1% in January.
• Service-producing industries rose 0.4%, their highest monthly growth rate since June 2015.
• Retail trade grew 1.5% in January, the sixth increase in seven months
• Wholesale trade grew 2.4% in January, the largest monthly gain since July 2013
• Mining, quarrying, and oil and gas extraction expanded 1.9% in January after contracting 0.5% in December