Real gross domestic product (GDP) rose 1.1% in February, the largest monthly growth rate since March 2021, as broad-based increases across most sectors contributed to the ninth consecutive monthly expansion in economic output.
Both services-producing (+0.9%) and goods-producing (+1.5%) industries were up, as 16 of 20 industrial sectors expanded in February.
Advance information indicates that real GDP increased 0.5% for March. Client-facing industries led the growth on continued reopening of activities and easing of restrictions put in place at the onset of Omicron variant. Increases were also recorded in the manufacturing and construction sectors. The wholesale sector posted a decline. This advance information for real GDP by industry indicates a 1.4% increase in the first quarter of 2022. Owing to their preliminary nature, these estimates will be updated on May 31 with the release of the official GDP data for March and the first quarter of 2022.
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