Economy Rolled on in January

The Canadian economy continued its momentum in January, according to figures released Friday by Statistics Canada.

The agency had gross domestic product growing at an annualized rate of 2.3%, or 0.6% on a monthly basis, compared to a market consensus prediction of 0.3%, the same as in December.

However, some economists are revising their estimates upwards after an apparent recovery in the fourth quarter of 2016, which led to an annual growth rate of 2.6%

The nation's number crunchers said the manufacturing sector had the strongest growth in January, expanding by 1.9%, led by growth in fabricated metal, non-metallic mineral and wood product manufacturing.

But there was widespread growth across both goods and services production, Statistics Canada reported, with wholesale trade, the retail sector, construction, mining and oil and gas all on the upswing.

Except for a blip in October, GDP has risen every month since last June.

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