OTTAWA, Feb. 28 (Xinhua) -- Canada's real gross domestic product (GDP) by industry increased 0.3 percent in January, Statistics Canada said on Tuesday.
According to the advance information, increases in the mining, quarrying, and oil and gas extraction, wholesale trade, professional, scientific and technical services, and transportation and warehousing sectors were slightly offset by decreases in construction and retail trade, the national statistical agency said.
Real GDP by industry edged down 0.1 percent in December 2022, following a 0.1 percent uptick in November. Goods-producing industries declined, while service-producing industries remained essentially unchanged, the agency said, updating its December data.
According to the agency, GDP data showed that growth in the Canadian economy decelerated for a second straight quarter, edging up 0.2 percent in the fourth quarter of 2022, the slowest pace of growth since the second quarter of 2021. Services-producing industries rose 0.5 percent in the fourth quarter of 2022, up for a sixth consecutive quarter, while goods-producing industries contracted 0.6 percent in the fourth quarter.
Statistics Canada also updated the country's GDP growth in 2022 to 3.6 percent from its previous estimate of 3.8 percent.
Despite the interest rate hike impact, the removal of pandemic-related restrictions, the presence of favourable farming conditions, and subsiding supply-chain issues and semiconductor shortages supported growth in 2022 and the annual economic activity exceeded its 2019 pre-pandemic level, said Statistics Canada.
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