Statistics Canada says economy contracted 0.1% in February

By The Canadian Press | April 30, 2019 | Last updated on April 30, 2019
1 min read
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Statistics Canada says the economy contracted in February after showing strong growth in January.

The agency says gross domestic product pulled back 0.1% in February as both goods-producing and services-producing industries declined. Growth in January was 0.3%.

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% overall, with mining and quarrying down 4.4% and oil and gas extraction slipping 0.6%.

Transportation and warehousing fell 1.6%, due to a 10.8% 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% in February as cold temperatures contributed to higher demand for electric power generation, transmission and distribution and natural gas distribution.

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