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Canada's economy got hot in January, but StatCan points to February chill

  • Statistics Canada reported that the Canadian economy began 2025 with a strong start, as real gross domestic product rose 0.4 per cent in January.
  • The January growth was largely driven by a boom in the oil and gas, quarrying, and mining industries, with goods-producing industries rising 1.1 per cent, the largest one-month jump in over three years.
  • Contributing to the goods-producing industries' growth in January were the manufacturing, utilities, and construction sectors, while the services side of the economy edged up 0.1 per cent.
  • However, StatCan noted that a slowdown in retail trade weighed on GDP at the start of 2025, following strong growth in December, and early estimates suggest growth was essentially unchanged in February.
  • Looking ahead, CIBC senior economist Andrew Grantham anticipates that tariffs announced by U.S. President Donald Trump, targeting vehicles made outside the U.S. And partially effective in March, will have a clearer negative impact on Canada's GDP in March and during Q2.
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Winnipeg Free PressWinnipeg Free Press
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Canada's economy got hot in January, but StatCan points to February chill

Breaking News, Sports, Manitoba, Canada

·Winnipeg, Canada
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Monex Canada broke the news in on Friday, March 28, 2025.
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