Canadian GDP was essentially unchanged in February following very strong growth in January and three consecutive monthly increases. At the industry level, output was led by higher output in the real estate sector, as well as growth in the finance and construction industries.  Declining output in the goods sector, particularly manufacturing and oil and gas, offset gains in other sectors.

Despite February's disappointing GDP number, we are still tracking first quarter growth at 3.5 per cent due to very strong economic data observed year-to-date. However, it was also reported today that the US economy grew only 0.7 per cent in the first quarter of the year, which could mean Canadian exports were weaker than expected.  

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