Canada GDP for February -0.2% versus 0.0% estimate

• Prior month 0.4%
• Canada GDP for February -0.2% versus expectations of 0.0%
• Goods producing industries -0.6% versus +1.1% last month last month
• Services producing industries -0.1% versus +0.1% last month
• 12 of 20 industries declined in the month of February
• Advanced estimate for the month of March 0.1%

details of the report:

• Following two consecutive monthly increases, the mining, quarrying, and oil and gas extraction sector became the largest detractor from growth, down 2.5% in February, as most subsectors contracted
• Construction (-0.5%) contracted for the first time in four months as most types of construction activities were down in February.. Residential construction -0.9% contributed most to the decline in February with its largest increase since April 2024.
• The real estate and rental and leasing sector contracted 0.4% in February, posting its largest decline since April 2022.
• The manufacturing sector rose 0.6% in February, up for the second month in a row, in large part driven by durable-goods manufacturing industries in February.
• Transportation and warehousing contracted 1.1% in February, following two consecutive monthly gains. Major snowstorms that hit Central and Eastern Canada and storms passing through British Columbia adversely impacted the sector in February.

This article was written by Greg Michalowski at www.forexlive.com.