OTTAWA, March 31 (Xinhua) -- Advance information indicates that Canada's real gross domestic product (GDP) increased 0.3 percent in February, Statistics Canada announced Friday.
Increases in the mining, quarrying, oil and gas extraction, manufacturing, and finance and insurance sectors in February were slightly offset by decreases in construction, wholesale trade, and accommodation and food services, the national statistical agency said.
GDP rose 0.5 percent in January, following a slight contraction in December. Both goods-producing and services-producing industries were up in January, as 17 of 20 industrial sectors posted increases, the agency said.
According to a recent survey conducted by the Finance Ministry, with higher interest rates, as well as slower economic growth in the United States and around the world, private sector economists expected the Canadian economy to enter a shallow recession in 2023.
With a peak-to-trough decline of just 0.4 percent, the contraction in real GDP is less severe than the 1.6 percent decline considered in the 2022 Fall Economic Statement downside scenario.
On an annual basis, real GDP growth is projected to decelerate from a strong 3.4 percent in 2022 to 0.3 percent in 2023, before rebounding to 1.5 percent in 2024.
