Statistics Canada says the finance and insurance sector rose for the third consecutive month, increasing 0.3 per cent in February.

In the monthly Gross domestic product (GDP) by industry, they say financial investment services, funds and other financial vehicles drove the increase during the month. These all increased 1.4 per cent during that period. They add that credit intermediation and monetary authorities also edged up 0.2 per cent in February with an increase in mortgage and non-mortgage loans, along with fixed-term deposits contributing to the increase. 

Fixed-term deposits 

“Fixed-term deposits have been trending up since the beginning of 2022 when interest rates began to rise,” they write.

Overall in February, real GDP increased 0.2 per cent, following a 0.5 per cent gain in January. The gain was largely driven by other sectors, including transportation and warehousing. Of the 14 industry categories examined, nine showed growth during the month, while five posted declines.

“Advance information indicates that real GDP was essentially unchanged in March,” they add. “With this advance estimate for March, information on real GDP by industry suggest that the economy expanded 0.6 per cent in the first quarter of 2024.” The agency’s official estimate of first quarter GDP is due to be published at the end of May.