GDP beats on rise in resource extraction and construction activity
GDP in January shaped up better than expected, gaining 0.1% M/M on the back of a 0.2% rise in goods-producing industries - which offset stagnant growth in services GDP. At the sector level, the print was carried by oil & gas extraction and construction which notched a third straight sequential gain, driven by increased activity in engineering services - a category with long-term structural tailwinds. That offset a 1.4% decline in manufacturing, thanks to the prolonged vehicle production stoppage - which should be in the rear-view for February, with preliminary estimates calling for a 0.2% rise in GDP.
