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Josh Nye, senior economist at the Royal Bank of Canada, notes that the Canadian GDP edged down 0.1% in February, just short of expectations for no change following a solid 0.3% gain in January.

Key Quotes

“Industries were evenly split between gains and losses, though both headline goods and services output declined.”

“Oil and gas extraction failed to increase despite the Alberta government scaling back mandatory production curtailments in February.”

“Mining excluding oil and gas fell by more than 4% for a second consecutive month.”

“A sharp pullback in rail transportation and slower home sales, both likely held back by wintry weather, weighed on growth to the tune of 0.1 ppt.”

“Utilities output got a boost from the cold weather, and the construction industry didn’t appear to be impacted.”