Josh Nye, senior economist at Royal Bank of Canada, notes that the Canadian GDP rose 0.3% in January, the strongest increase in 8 months and solidly above expectations.
Key Quotes
“Gains were broadly-based with 18 of 20 industries expanding in the month.”
“The energy sector was less of a drag than we thought, though oil and gas output still fell as Alberta’s mandatory production cuts took effect.”
“Construction and manufacturing industries posted solid gains after softening toward the end of last year.”
“The services sector grew at a trend-like pace, having provided consistent support over this recent soft patch in growth.”
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