Canada’s economy picked up momentum at the start of this year after a pandemic-ravaged 2020.
A flash estimate released by Statistics Canada Tuesday morning indicates gross domestic product rose approximately 0.5 per cent in January.
By contrast, the economy expanded just 0.1 in December. According to StatsCan, the mining and energy industries led the way in the month with a gain of 2.9 per cent. Meanwhile, the retail, accommodation and food services industries experienced another month of contraction as public health restrictions designed to curb the spread of COVID-19 continued to limit activity.
For 2020 as a whole, Statistics Canada said the economy shrank 5.4 per cent after a 1.9 per cent expansion in 2019.
