Canada’s economy shrank by 0.2 per cent in February, data released this morning show.
Statistics Canada said the decline in real GDP was driven by diminished activity in mining, quarrying and oil and gas extraction (except the oil sands), as well as construction.
Services, meanwhile, also declined, though to a lesser extent.
Real estate activity was down 0.4 per cent in February, the largest drop since April 2022.
Offices associated with real estate were hit worse, shrinking by 10.4 per cent.
StatCan said that, according to its preliminary estimates, real GDP was up by 0.1 per cent in March due to increased activity in retail, transport, mining, quarrying and oil and gas extraction.
The agency added that, factoring in that prediction, it estimates the national economy grew by 0.4 per cent in the first three months of 2025.
That contrasts with news out of the US today, where new data show the world’s largest economy shrank by 0.3 per cent between January and March.
