{"id":77199,"date":"2021-04-01T11:31:06","date_gmt":"2021-04-01T15:31:06","guid":{"rendered":"http:\/\/mileniostadium.com\/?p=77199"},"modified":"2021-04-01T12:15:40","modified_gmt":"2021-04-01T16:15:40","slug":"canadas-economy-grew-0-7-in-january","status":"publish","type":"post","link":"https:\/\/mileniostadium.com\/canada\/canadas-economy-grew-0-7-in-january\/","title":{"rendered":"Canada’s economy grew 0.7% in January"},"content":{"rendered":"
\"Canada's
Construction was up 1.4 per cent in January, the third increase in four months. (Ryan Remiorz\/The Canadian Press)<\/figcaption><\/figure>\n

Statistics Canada says the economy grew 0.7 per cent in January.<\/strong><\/p>\n

2020 was the worst year on record for Canada\u2019s economy. It shrank by 5.4%<\/a><\/p>\n

The increase in real gross domestic product compared with a gain of 0.1 per cent in December.<\/p>\n

<\/section>\n

The growth also topped the agency’s preliminary estimate for the month of 0.5 per cent.<\/p>\n

It was the ninth consecutive monthly increase since the plunge in the economy last year at the start of the pandemic in March and April.<\/p>\n

However, Statistics Canada noted that total economic activity was still about three per cent below the February level last year, before the pandemic began.<\/p>\n

The agency’s preliminary estimate for February this year shows growth of 0.5 per cent for the month.<\/p>\n

For January, manufacturing, construction\u00a0and real estate all contributed to economic\u00a0growth.<\/p>\n

The manufacturing sector expanded\u00a01.9 per cent\u00a0in January, offsetting a\u00a00.7 per cent\u00a0contraction in December.<\/p>\n

The gain in GDP is\u00a0impressive considering that an early estimate pegged the increase at 0.5 per cent, said Douglas Porter, an economist at the Bank of Montreal.<\/p>\n

He said many forecasts issued a few months ago called for a decline in first-quarter GDP, but the latest estimate from BMO Economics predicts an increase of 3.5 per cent.<\/p>\n

“The economy held up much better than expected through the second wave [of pandemic] restrictions through the winter,” Porter said in a statement.<\/p>\n

Wholesale trade was up\u00a03.9 per cent\u00a0in January, following a\u00a01.5 per cent\u00a0contraction in December.<\/p>\n

“A\u00a0big rebound in wholesale trade more than offset the drop in retail activity, in part due to a shift to online spending,” Porter said.<\/p>\n

Clothing stores down 17%<\/h2>\n

The hardest hit brick-and-mortar retailers included clothing and clothing accessories stores \u2014\u00a0down 17 per cent \u2014\u00a0and sporting goods, hobby, book and music stores \u2014\u00a0down 14.1 per cent.<\/p>\n

However, general merchandise stores grew\u00a03.3 per cent, while building material and garden supply dealers saw a gain of 3.6 per cent because of\u00a0home improvement projects.<\/p>\n

Accommodation and food services declined\u00a0three per cent\u00a0in January, following a\u00a06.7 per cent\u00a0decrease in December. Meanwhile, non-store retailers expanded activity for the third month in a row, rising by 2.8 per cent in January.<\/p>\n

CBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Statistics Canada says the economy grew 0.7 per cent in January. 2020 was the worst year on record for Canada\u2019s economy. It shrank by 5.4% The increase in real gross …<\/p>\n","protected":false},"author":32,"featured_media":77201,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3539],"tags":[4029,3570],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/mileniostadium.com\/wp-content\/uploads\/2021\/04\/Canadas-economy-grew-0.7-in-January-Milenio-Stadium-Canada.jpg","_links":{"self":[{"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/posts\/77199"}],"collection":[{"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/comments?post=77199"}],"version-history":[{"count":0,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/posts\/77199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/media\/77201"}],"wp:attachment":[{"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/media?parent=77199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/categories?post=77199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/tags?post=77199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}