Canada Oil Output Limits GDP Declines in January
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Crude oil gave Canada’s economy a surprise cushion in January, with gross domestic product shrinking less than economists forecast.
Output fell 0.1 percent, Statistics Canada said today in Ottawa, as rising oil production offset declines by wholesalers and retailers. The median forecast in a Bloomberg economist survey was for a 0.2 percent drop, with estimated declines ranging from 0.1 percent to 0.5 percent.