Canada: Real GDP expands by 0.1% in February vs. 0.2% expected
- Canadian economy grew at a softer pace than expected in February.
- USD/CAD clings to daily gains near 1.3650 after the data.
The real Gross Domestic Product (GDP) of Canada grew by 0.1% on a monthly basis in February, Statistics Canada reported on Friday. This reading followed January's expansion of 0.6%and came in weaker than the market expectation for a growth of 0.2%.
"Advance information indicates that real GDP edged down 0.1% in March," Statistics Canada further noted in its press relese. "Decreases in retail and wholesale trade sectors, as well as in the mining and quarrying (except oil and gas) subsector were partially offset by increases in the public sector, in professional, scientific and technical services, and in administrative and support, waste management and remediation services."
Market reaction
USD/CAD showed no immediate reaction to this data and was last seen rising 0.35% on the dayat 1.3640.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
