Economy Pulls Back 0.1% in February

CBJ –The gross domestic product contracted by 0.1% in February following a 0.3% growth in the first month of 2019 according to figures released by Statistics Canada.

The agency says both goods-producing and services-producing sectors were down.

Difficulties in the transportation and mining sector caused mainly by severe winter weather also hampered the figures.

The central bank projected growth at an annualized rate of 0.3% in the first three months of 2019 compared with an earlier forecast for 0.8%.

The Bank of Canada also predicted growth in real gross domestic product of 1.2 per cent for 2019.

The mining and oil and gas sector fell a combined 1.6%. Transportation and warehousing also declined 1.6% due to an almost 11% drop in rail transportation caused by severely cold weather, heavy snowfalls and a derailment in British Columbia.