Economy contracted a little in February

The Canadian Press

OTTAWA–Statistics Canada says the economy contracted in February after showing strong growth in January.
The agency says gross domestic product pulled back 0.1 percent in February as both goods-producing and services-producing industries declined. Growth in January was 0.3 percent.
Economists had expected no change in gross domestic product for February, according to Thomson Reuters Eikon.
The mining, quarrying and oil and gas extraction sector fell 1.6 percent overall, with mining and quarrying down 4.4 percent and oil and gas extraction slipping 0.6 percent.
Transportation and warehousing fell 1.6 percent, due to a 10.8 percent drop in rail transportation as cold weather, heavy snowfalls and a derailment in B.C. that closed an important rail line through the Canadian Rockies hurt the sector.
The utilities sector gained 1.5 percent in February as cold temperatures contributed to higher demand for electric power generation, transmission and distribution and natural gas distribution.

Facebooktwitterredditpinterestlinkedinmail