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(CEP News) - Canada's economy contracted in line with expectations in February, with real gross domestic product (GDP) down 0.1% from January, Statistics Canada reported Thursday.
In January, GDP fell 0.7% on the month. The drop was led by a decline in construction and in mining activities (excluding oil and gas), according to Statistics Canada. Wholesale trade also contributed to the decline, falling 0.2%, meanwhile retail trade was down 0.1% in the month. Manufacturing rose 0.1% in the month, marking the first positive reading in seven months. The gain was mostly attributed to the rebound in automotive manufacturing. However, the report highlighted that the 19% gain in motor vehicle manufacturing was insufficient to outweigh the downside factors on the headline number. Services rose 0.1%, while finance climbed 0.4%. By Erik Kevin Franco,
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, edited by Megan Ainscow,
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