The Canadian economy grew 0.5% in January

(OTTAWA) Economic growth resumed in January after posting a slight contraction in December, Statistics Canada said Friday.

Gross domestic product rose 0.5% in the first month of the year, after contracting 0.1% in the last month of 2022, the federal agency said.

Statistics Canada’s preliminary forecast for the month of February foresees growth of 0.3%, but it recalled that this data would be revised by its official publication, in a month.

January’s growth was attributable to the wholesale trade, transportation and warehousing, mining and quarrying, and oil and natural gas extraction sectors. These were all rebounding after falling back in December.

Wholesale trade advanced 1.8% in January, supported by machinery, equipment and supplies merchant wholesalers, while the mining, quarrying and Oil and natural gas extraction rose 1.1% after falling 3.3% in December.

The transportation and warehousing sector rose 1.9% in January, more than offsetting its 1.1% decline in December, which was attributed to poor weather conditions.