Canada's economy performed better than expected in January compared to December, driven by broad-based gains in both the goods and services industries, Statistics Canada data showed on Friday.
The economy expanded by 0.5% in January, ahead of analysts' forecasts of a 0.3% increase after a 0.1% contraction in December. February GDP is likely to rise 0.3%, the department reported in a preliminary estimate.
Industries including wholesale trade and mining, quarrying and oil and gas extraction rose again in January from the decline recorded in the previous month, Statscan reported.
The services production sector expanded by 0.6%, while the goods production industry recorded a 0.4% increase in January, the agency said.
In preliminary estimates for February, Statscan said industries including mining, quarrying and extraction and oil and gas manufacturing were likely to post gains and help offset declines in construction and wholesale trade.
The Canadian dollar is trading at 1.3542 against the U.S. dollar, or 73.78 U.S. cents.
