Statistics Canada says the Canadian economy was off to a solid start in January but early signs suggest growth hit a wall in February.

The agency says real gross domestic product rose 0.4 per cent in January, thanks largely to a boom in the oil and gas and mining industries.

Canada’s goods-producing industries were particularly hot in January, rising 1.1 per cent for their biggest one-month jump in over three years.

StatsCan says a slowdown in retail trade weighed on GDP at the start of 2025, following strong growth in December.   

The agency’s early estimates have growth essentially unchanged in February as the Canadian economy braced for tariffs from the United States.

U.S. President Donald Trump is targeting automobiles made outside the U.S. in his latest round of tariffs announced Thursday.