Canada's economy expands 0.2% in February, lower than 0.3% expectation

By Ovunc Kutlu

ISTANBUL (AA) - Canada's real gross domestic product (GDP) grew 0.2% in February, lower than market estimates, the country's statistical body said Tuesday.

The market expectation for GDP was to show an increase of 0.3% on a monthly basis.

The figure for January was also revised downward to a gain of 0.5%, from an increase of 0.6%.

Services-producing industries led the growth with a 0.2% gain for the second consecutive month, fueled by gains in transportation and warehousing, Statistics Canada said in a statement.

Transportation and warehousing increased 1.4% in February, marking the largest monthly growth rate since January 2023, according to the agency.

"Air transportation rose 4.8% in February, its largest growth rate since May 2022," said the statement.

"Crude oil and other pipeline transportation rose 3.4% in February, reflecting higher exports of the commodity, while pipeline transportation of natural gas edged down 0.2%," it added.