Statistics Canada says economy contracted 0.1 per cent in February
Posted April 30, 2019 6:56 am.
OTTAWA — Statistics Canada says the economy contracted in February after showing strong growth in January.
The agency says gross domestic product pulled back 0.1 per cent in February as both goods-producing and services-producing industries declined. Growth in January was 0.3 per cent.
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 per cent overall, with mining and quarrying down 4.4 per cent and oil and gas extraction slipping 0.6 per cent.
Transportation and warehousing fell 1.6 per cent, due to a 10.8 per cent 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 per cent in February as cold temperatures contributed to higher demand for electric power generation, transmission and distribution and natural gas distribution.
The Canadian Press
