Statistics Canada reports real GDP up in January 2024 Apr 1st

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Statistics Canada reports real GDP up in January 2024

– moneysense.ca

Canada’s real gross domestic product grew 0.6% in January 2024, helped by the end of public sector strikes in Quebec in November and December, Statistics Canada said Thursday.

What is GDP?
Gross domestic product (GDP) is a statistic economists use to measure the total amount of goods and services produced in a country during a specific time period, usually a quarter or a year. This number is calculated in one of three ways.

Read the full definition in the MoneySense Glossary: What is GDP?

Where the GDP is going in Canada

The agency added that it expected the growth continued in February with a preliminary estimate pointing to a gain of 0.4% for the month, helped by strength in the mining, quarrying, and oil and gas extraction, manufacturing, and finance and insurance sectors.

CIBC senior economist Andrew Grantham said the Canadian economy appears to have started 2024 in the fast lane. “Even though January’s growth was flattered by a rebound in the public sector following strike activity in Quebec, solid momentum appears to have extended to February as well,” he wrote in a note to clients…

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