Canada's economy expands 0.5% in January, after stalling in 4Q22

By Ovunc Kutlu

ISTANBUL (AA) - Canada's economy expanded 0.5% in January after stalling in the fourth quarter of 2022, according to Statistics Canada figures released Friday.

The gain in gross domestic product (GDP) came higher than the market expectation of a 0.3% increase, after contracting 0.1% in December 2022.

The North American economy had stalled last October-December, ending five consecutive quarters of growth.

The country's economy expanded 0.7% in the third quarter of 2022, while GDP grew 0.8% in the second quarter.

"Increases in the mining, quarrying, and oil and gas extraction, manufacturing, and finance and insurance sectors were slightly offset by decreases in construction, wholesale trade, and accommodation and food services," the agency said in a statement.

Statistics Canada noted that advance figures indicate that real GDP rose 0.3% in February.