Canada’s economy shrunk in February, dropping 0.2% after a 0.4% rebound in January, Statistics Canada (StatsCan) reported on Wednesday. The drop was driven by goods-producing industries, which fell 0.6% as mining, quarrying, and oil and gas extraction cooled alongside construction. Service sector output edged down 0.1%. .In all, 12 of the 20 industries tracked by StatsCan contracted. Early figures for March suggest the economy eked out a 0.1% gain. If that flash estimate remains, real gross domestic product would have grown 0.4% over the first quarter of 2025.Statistics Canada will publish the final numbers for the first quarter on May 30.
Canada’s economy shrunk in February, dropping 0.2% after a 0.4% rebound in January, Statistics Canada (StatsCan) reported on Wednesday. The drop was driven by goods-producing industries, which fell 0.6% as mining, quarrying, and oil and gas extraction cooled alongside construction. Service sector output edged down 0.1%. .In all, 12 of the 20 industries tracked by StatsCan contracted. Early figures for March suggest the economy eked out a 0.1% gain. If that flash estimate remains, real gross domestic product would have grown 0.4% over the first quarter of 2025.Statistics Canada will publish the final numbers for the first quarter on May 30.
