Canada GDP contracted -0.1% mom in December, worse than expectation of 0.2% mom expansion. Goods-producing industries declined -0.6% while service-producing industries were essentially unchanged.
For Q4, GDP grew 0.2% qoq, slowest pace since Q2, 2021. Services producing industries rose 0.5% qoq while goods-producing industries contracted -0.6% qoq.
Advance information indicates that real GDP grew 0.3% mom in January. Increases in the mining, quarrying, and oil and gas extraction, wholesale trade, professional, scientific and technical services, and transportation and warehousing sectors were slightly offset by decreases in construction and retail trade.
