Canadian real GDP grew by 0.4% in February, following a 0.7% increase in the previous month. This is the 10th consecutive monthly gain since the steepest drops in Canadian history was observed in March and April. This brings GDP 2% below the February pre-pandemic level of output.
Leading the increase the retail sector which jumped 4.5% after consecutive monthly declines prompted by provincial lockdown measures. Residential construction rose 4.7% while the GDP of offices of real estate agents and brokers was up 2.8%.
Early estimates from Statistics Canada indicate that real GDP grew by 0.9% in March. That puts first quarter Canadian GDP on track to grow about 6.5% on an quarterly annualized basis.
Copyright British Columbia Real Estate Association. Reprinted with permission.