BCREA Economics Now

Monthly Canadian GDP - April 30, 2012

Real gross domestic product (GDP) unexpectedly declined 0.2 per cent in February, the result of temporary closures in the mining industry and weakness in manufacturing and retail trade.   On a year-over-year basis, real GDP growth was 1.6 per cent in February.

The Canadian economy grew 1.8 per cent in the fourth quarter of 2011 and with two months of GDP data to work with, and despite February's decline, we estimate that the economy picked up a bit in the first quarter of 2012, growing at a 2.1 per cent pace. We expect a similar rate of growth will prevail for much of 2012, with the Canadian economy expanding 2.2 per cent this year.

For more information, please contact: Cameron Muir Brendon, Chief Economist, Direct: 604.742.2780, Email: cmuir@bcrea.bc.ca

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