OTTAWA — Statistics Canada estimates the economic system grew at an annualized price of 6.5 per cent within the first quarter of the yr.
The preliminary estimate for the primary three months of the yr compares with development at an annualized price of 9.6 per cent over the past three months of 2020.
Statistics Canada mentioned Friday the economic system grew 0.4 per cent in February and estimated development of 0.9 per cent for March.
Service industries which were hard-hit by the course of the COVID-19 pandemic confirmed a small acquire in February, whereas goods-producing industries had a small contraction for the primary time since final April.
With the acquire in February, general financial exercise was about two per cent beneath the degrees seen pre-pandemic in February 2020.
Taking into consideration the preliminary numbers for March, Statistics Canada estimates the economic system final month was roughly one per cent beneath pre-pandemic ranges.
Statistics Canada will finalize numbers for March and the primary quarter of the yr in June.
February confirmed a division between goods-producing and repair sectors, as retail jumped after two months of decreases as public well being restrictions eased in a lot of the nation, offset by declines in mining and gasoline extraction for first time in six months.
Manufacturing, too, pulled again 0.9 per cent in February after posting a 1.5 per cent improve one month earlier in January.
Retail commerce jumped 4.5 per cent after two months of decreases.
Clothing, sporting items, pastime, e book and music shops noticed double-digit will increase in exercise, alongside furnishings and residential furnishing shops as a part of a pattern of spending on family items as Canadians continued to remain dwelling.
Similarly, building was up in February, as have been gross sales from retailer promoting constructing supplies and backyard gear.
Accommodation and meals providers grew 3.5 per cent in February after 5 months of declines as eating places and bars benefitted from an easing of restrictions.
But in the previous couple of weeks, guidelines have tightened in a lot of the nation to fight rising case counts through the third wave of the pandemic.
CIBC senior economist Royce Mendes mentioned in a be aware that the third wave ought to reverse a lot, if not all the current progress in high-contact service industries.
“The good news is that the data for the lull in between waves reveal how quickly Canadian activity can bounce back when the virus is contained,” he wrote.
This report by The Canadian Press was first revealed April 30, 2021.
The Canadian Press