Canada's economy expanded for a ninth month in Jan, seen up in Feb
Reuters
Published Mar 31, 2021 08:53AM ET
Updated Mar 31, 2021 09:20AM ET
OTTAWA (Reuters) -Canada's economy expanded for a ninth consecutive month in January, growing 0.7% on gains in both goods and services, and it most likely expanded 0.5% in February as restrictions to curb COVID-19 were lifted, Statistics Canada said on Wednesday.
Analysts polled by Reuters had predicted that gross domestic product would grow 0.5% from December.
However, total economic activity remained about 3% below the February 2020 pre-pandemic level, Statscan said.
The Canadian dollar strengthened to 1.2595 ($0.7940) against the U.S. dollar after the data was released.
The Bank of Canada, which forecast in January that the economy would shrink in the first quarter on an annualized basis, now says it expects positive growth.
It is due to release updated forecasts on April 21.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.