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Construction, Manufacturing and Real Estate Boost Canada’s Economy Growth by 0.7% in January.

Construction, Manufacturing and Real Estate Boost Canada’s Economy Growth by 0.7% in January.

A report by Statistics Canada revealed that the Canadian economy grew by 0.7 percent in January.

This surpassed the agency’s initial growth estimate for the month, which was projected at 0.5 percent.

It is the ninth consecutive monthly increase since the economy dipped in 2020 at the start of the pandemic in March and April.

Construction, manufacturing and, real estate all contributed to the economic growth.

The growth notwithstanding, Statistics Canada observed that total economic activity was still about three percent below the February level last year before the global pandemic began.

An economist at the Bank of Montreal, Douglas Porter, stated that the gain in GDP is impressive considering that many forecasts issued a few months earlier called for a decline in the first-quarter GDP.

According to a statement by Porter, “The economy held up much better than expected through the second wave (of pandemic) restrictions through the winter.”

Canada’s construction, manufacturing, and real estate industries are hugely lucrative and open to investors looking to expand into North America.

Investors and professionals can benefit from the 2021FDI Canada Forum, a premium foreign direct investment event that discusses how investors can explore the opportunities in the Canadian marketplace.

The event will also afford investors the privilege to know more about the Canadian Investment Opportunities Database (CIOD). The CIOD showcases readily available opportunities that investors can tap into. The virtual event will take place between May 5 – 6, 2021. Early bird registration attracts a 25% discount till April 6th, 2021.

Source:

https://www.cbc.ca/news/business/gdp-january-statistics-canada-1.5970913

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