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StatCan: Economy growth in January slowed to 0.1 per cent


March 31, 2020
By The Canadian Press

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Statistics Canada says economic growth slowed in January in a snapshot of the economy before the COVID-19 outbreak hit home.

The agency says real gross domestic product grew 0.1 per cent in the first month of 2020 compared with an advance of 0.3 per cent in December.

The result for January matched the expectations of economists, according to financial markets data firm Refinitiv.

Statistics Canada says reduced trade with China and advisories against non-essential travel to the country affected potential growth in January. Since then, the agency says, the pandemic and a collapse in oil prices has significantly affected the economy.

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In January, manufacturing rose 0.8 per cent as both durable and non-durable manufacturing increased. The finance and insurance sector increased 0.9 per cent.

The transportation and warehousing sector fell 1.7 per cent in January.

News from © The Canadian Press Enterprises 2020