Resource sector boosted Canadian economy growth in February
Potash mining, oil and gas and the manufacturing sector were the main sources of strength for the Canadian economy in February, with the country’s GDP growing 0.3%, Statistics Canada said Tuesday.
Mining, quarrying, and oil and gas extraction increased 2.2% in February, the fifth consecutive month of growth. Excluding oil and gas extraction, the federal agency highlighted the mining sector contribution to Canada’s GDP grew 6.4% as a result of a significant increase in output at potash mines, as well as coal and metallic minerals.
Manufacturing climbed 0.8% following January’s 0.6% increase and most other categories made small contributions to Canada’s February GDP.
In a separate report, the agency said its index of raw-materials prices paid by manufacturers unexpectedly fell 1.7% in March led by crude oil, which decreased 2%. Compared with a year earlier, raw materials were down 2%.
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