Canadian Economy Shrunk 0.1% in February

Canada’s economy shrank for the first time in five months in February, as the manufacturing, mining and energy sectors all slowed down.

Statistics Canada reported Friday that in addition to the sectors listed above, the agriculture and forestry sector also declined.

The retail, finance and insurance sectors were sources of strength, as was construction.

“Construction was a bright spot, up 0.1 per cent, probably helped by the mild winter (which we are now paying for in spades with this ridiculous spring, but I digress,” BMO economist Doug Porter said.

The different sectors of Canada’s economy expanded and contracted as follows during the month.

via CBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza