A look at Canada’s GDP for the month of February reveals that the finance and insurance sector has played a significant role in pushing the nation’s total gains.
The country’s GDP remain unchanged in February following three months of growth — gains in service-producing industries were notably offset by declines in the goods-producing industries.
For February, service-producing industries were up 0.2%, down from 0.5% in January (the highest monthly growth rate since January 2013). On the other hand, the goods-producing industries were down 0.3% in February — a first for the group since October last year.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
The finance and insurance sector maintained its trend of gains for the fourth month in a row, climbing 0.7% in February. In terms of specific lines of business, depository credit intermediation and monetary authorities were up 0.5%. Financial investment services, funds, and other financial vehicles increased 1.4% due to higher mutual-fund activity tied to the March 1 deadline for Registered Retirement Savings Plan contributions for the 2016 tax year.
Insurance carriers and related activities climbed 0.7%.
According to MarketPulse, increases in the finance and insurance sector — along with the real estate rental and leasing sector — helped contribute to a 2.8% increase in the output of legal services, itself the main contributor to the 0.5% increase in professional, scientific and technical services.
Study suggests a link between GDP and number of long-term disability claims
Insurance helps spur on Toronto’s surging economy