Real gross domestic product (GDP) grew 0.2% in January, up for the eighth month in a row. Goods-producing industries increased 0.8% in January, while the effects of the Omicron variant continued to take the wind out of the sails of services-producing industries (0.0%), with specific client-facing industries feeling direct impacts. Overall, 9 of 20 industrial sectors increased in January.
Advance information indicates an approximate 0.8% expansion in real GDP in February. Notable increases were observed in the manufacturing sector as well as in mining, quarrying, and oil and gas extraction, accommodation and food services, and construction. Utilities contracted following strong activity in January, due primarily to cold temperatures. Owing to its preliminary nature, this estimate will be updated on April 30 with the release of the official GDP data for February.
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