Canada: January GDP numbers are ancient history – BMO

Canadian January numbers are ancient history now given how the economic landscape has drastically shifted. GDP advanced 0.1% in the first month of the year, Benjamin Reitzes from BMO inform.

Key quotes

“The Canadian economy grew 0.1% in January, slightly below expected, from an unrevised 0.3% increase in the prior month.”

“Gains in manufacturing, wholesale and finance were largely offset by a drop in transportation, education, utilities and mining, oil & gas.”

“January numbers are ancient history now given how the economic landscape has drastically shifted. Even so, today's number will help fine tune Q1 GDP forecasts. (...) With the virus-mitigation measures almost certainly continuing through April, Q2 is going to get hit much, much harder.”