Manufacturing led January growth; economy beat forecasts
Statistics Canada says goods-producing industries grew by 1.1 per cent in January, while service-producing industries rose 0.4 per cent
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OTTAWA—The Canadian economy grew faster than expected in January, led by the manufacturing sector.
Statistics Canada says gross domestic product grew 0.6 per cent in the first month of the year on the strength of widespread growth across both goods- and service-producing industries.
Economists had expected a gain of 0.3 per cent, according to Thomson Reuters.
Goods-producing industries grew by 1.1 per cent in January, while service-producing industries rose 0.4 per cent.
Statistics Canada says the manufacturing sector was the largest contributor to the increase as it grew 1.9 per cent.
The strong figures for January cap a recent string of better-than-expected economic data.
Still, Bank of Canada governor Stephen Poloz cautioned earlier this week that he remains cautious and that risks for the economy remain.