Canada's economy shrank in February after booming January pace

Canada's economy shrank for the first time in five months in February, as the manufacturing, mining and energy sectors all slowed down.

Statistics Canada reported Friday that in addition to the sectors listed above, the agriculture and forestry sector also declined.

Construction expanded, as did the retail space and finance and insurance.

The different sectors of Canada's economy expanded and contracted as follows during the month.

Retail was a source of strength during the month, but most other sectors of the economy contracted in February. (Pete Evans/CBC)

Despite the contraction, February's performance wasn't as bad as what economists were expecting — an even larger contraction of 0.2 per cent, according to data compiled by Bloomberg.

The weak showing comes on the heels of a January number that, at 0.6 per cent, was the best month for the economy since 2013.

Let's block ads! (Why?)

Share on Google Plus

About Unknown

My blog is the place to update the latest information on sports, science and technology ... If you found this article good, useful please the share for others to see, even if you want to design a ecommerce website or web edit or set a special plugin functionality, please contact us now (Information in the footer)