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BREAKING: GDP for Canada above expectations

1:34 PM 28 March 2024

12:30 PM GMT, Canada - GDP data for January:

  • GDP: actual 0.6% MoM; forecast 0.4% MoM; previous -0.1% MoM;
  • Average Weekly Earnings: previous 3.77% YoY;

Canadian GDP experienced a notable increase, largely due to a 6.0% boost in educational services following the end of a teachers' strike in Quebec in December. Additionally, the advanced February figures, coupled with January's performance, are indicating a strong quarter. This growth was primarily driven by widespread increases in sectors like mining, quarrying, oil and gas extraction, manufacturing, and finance and insurance. However, these gains were slightly offset by a decrease in utilities.

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