February GDP - Slight Downside Surprise

Statistics Canada (StatsCan) released the February 2024 GDP figures April 30. GDP grew by 0.2%, which is half the 0.4% growth estimated back in January (see story). Twelve of 20 sectors showed growth, led by transportation and warehousing. Overall, the goods producing sector was unchanged, while services producing industries posted an aggregate 0.2% growth. The construction sector shrank by 0.1% - the fifth consecutive decline. Non-residential construction was up about 0.3%, as was engineering construction. Residential (-0.5%) and repair (-0.5%) construction both fell. Non-residential construction has not fully rebounded from the 0.6% decrease in January but is up overall since October by 1.7%. You can read the full report by StatsCan here.