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Real gross domestic product decreased 0.2% in February following a 0.5% increase in January. Manufacturing and, to a lesser extent, wholesale trade were the main sources of the decline. The decrease in manufacturing resulted in a 0.6% decline in goods-producing industries.

Service producing industries were essentially unchanged as increases in retail trade, professional and financial services as well as in the public sector were offset by decreases in wholesale trade and transportation services.

Manufacturing declines

After a 2.5% increase in January, manufacturing production fell 1.6% in February, with 16 of the 21 major groups decreasing. Although the reduction was broadly based in both durable and non-durable goods, manufacturers of motor vehicles and associated parts (-7.5%), machinery (-3.3%) and fabricated metal products (-2.7%) recorded the largest decreases. In contrast, wood product manufacturing increased.