Statistics Canada has released the February edition of Canadian Economic News which provides a concise summary of selected Canadian economic events, as well as international and financial market developments by calendar month. It is intended to provide contextual information only to support users of the economic data published by Statistics Canada. In identifying major events or developments, Statistics Canada is not suggesting that these have a material impact on the published economic data in a particular reference month.

COVID-19 timeline

  • The Government of the Northwest Territories announced on February 1st it had extended the territory-wide Public Health Emergency until February 15th. On February 15th, the Public Health Emergency was extended until March 1st.
  • On February 2nd, the Government announced it had extended the State of Emergency in the City of Yellowknife until February 16th. On February 16th, the State of Emergency was extended until March 2nd.
  • The Government of Nunavut on February 3rd announced it had extended the territory’s public health emergency until February 17th. On February 17th, the public health emergency was extended until March 3rd.
  • The Government of the Yukon announced on February 3rd it had extended the State of Emergency for up to 90 days.
  • The Government of Nova Scotia announced on February 4th it was renewing the state of emergency, effective February 6th, until February 20th. On February 18th, the Government extended the state of emergency until March 6th.

News Highlights

  • On February 14th, the Government of Canada declared a public order emergency under the Emergencies Act to end disruptions, border blockades, and the occupation of Ottawa’s downtown core. On February 23rd, the Government announced it would be ending the use of the Emergencies Act.
  • On February 24th, the Government of Canada announced it was imposing new sanctions in response to Russia’s invasion of Ukraine.
  • On February 11th, the Government of Ontario announced that the Chief Justice of the Superior Court of Justice made an order prohibiting or blocking access to the Ambassador bridge in Windsor, effective immediately. The Government said the order would remain in effect for ten days. On February 18th, the Government said the Chief Justice of the Superior Court of Justice made an order continuing the previous order and varying its terms.
  • On February 14th, the Government of Ontario announced that on February 11th it had declared a provincial emergency under the Emergency Management and Civil Protection Act, with new measures that make it illegal to impede access to or exit from critical infrastructure. The Government said the new measures would strengthen police powers to disperse crowds and remove vehicles, as well as suspend or cancel permits, licenses, and certificates under the Highway Traffic Act. On February 25th, the Government extended the orders until March 12th.
  • On February 6th, the City of Ottawa declared a state of emergency due to the ongoing demonstration. On February 24th the City terminated the state of emergency.
  • The Government of British Columbia released Budget 2022 on February 22nd, which included investments in childcare, health and mental health services, education, fighting climate change, and supporting sectors through pandemic recovery. The Government projects a $5.5 billion deficit in 2022-2023 and real GDP growth of 4.0% in 2022.
  • The Government of the Northwest Territories released Budget 2022-23 on February 22nd, which included investments in infrastructure, fighting climate change, health and wellbeing, education, and childcare. The Government projects a $131 million surplus in 2022-2023 and no real GDP growth in 2022.
  • The Government of Alberta released Budget 2022 on February 24th, which included investments in additional healthcare capacity and expanding student enrollment in areas with skills shortages. The Government projects a $500 million surplus in 2022-2023 and real GDP growth of 5.4% in 2022.
  • The Government of Prince Edward Island delivered its 2022-23 operating budget on February 24th, which included investments in the province’s youth, economy, health care, and senior population. The Government projects a $92 million deficit in 2022-23 and real GDP growth of 2.9% in 2022.
  • Toronto-based TD Bank Group and First Horizon Corporation of Tennessee announced they had signed a definitive agreement for TD to acquire First Horizon in an all-cash transaction valued at USD $13.4 billion. TD said the transaction is expected to close in the first quarter of TD’s 2023 fiscal year, subject to customary closing conditions including approvals from shareholder and U.S. and Canadian regulatory authorities.

Click here to read the full report on the Statistics Canada website. 

Source: Statistics Canada