Canada’s economy posted solid growth at the start of the year, but early signs suggest momentum faded in February, Statistics Canada said Friday.
Real gross domestic product (GDP) rose 0.4% in January, driven by strong gains in oil and gas, quarrying, and mining. That marked an acceleration from 0.3% growth in December, which was revised up by a tenth of a percentage point.
However, preliminary data from Statistics Canada suggests that GDP was flat in February.
Goods-producing industries surged 1.1% in January, the largest monthly gain in over three years, with manufacturing, utilities, and construction all contributing.
The services sector edged up 0.1%. However, a slowdown in retail trade weighed on overall GDP, following a strong December.