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Canada's economy down 0.1 pct in January

Xinhua,March 30, 2018 Adjust font size:

OTTAWA, March 29 (Xinhua) -- The Canadian economy unexpectedly fell 0.1 percent in January after a 0.2-percent gain in the previous month, according to Statistics Canada Thursday.

The fall was the first since a 0.1-percent decline in August 2017.

The Bank of Canada predicted in January that the economic growth in the first quarter of this year will be 2.5 percent.

The output of goods-producing industries declined 0.4 percent in January from December last year.

Real estate and rental and leasing dropped 0.5 percent in January because of tougher mortgage lending rules, which are meant to cool down hot housing markets.

Fearing high levels of consumer debt, the bank has raised interest rates three times since last July. It said any further raises will be heavily dependent on economic growth. Enditem

 

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