REFILE-UPDATE 1-Canadian GDP dips 0.2 percent in February

(Changes headline to show GDP contracted in February)

OTTAWA, April 30 (Reuters) - Canadian gross domestic product fell by 0.2 percent in February from January on widespread economic weakness, particularly in wholesale trade and manufacturing, Statistics Canada said on Wednesday.

Market operators had been expecting a 0.2 percent increase in February over January.

Statscan said a 1.4 percent month-on-month decline in wholesaling and and a 0.7 drop in manufacturing accounted for much of February's overall weak performance. It also reported notable declines in retail trade and oil and gas exploration.

The Bank of Canada last week cut its key interest rate by 50 basis points and said the country's economy would be hurt for longer than expected by the U.S. decline.

In February, weaker U.S. demand hit producers of wood products, coal and petroleum. Retail trade fell by 0.6 percent, which could be explained by bad weather in several parts of the country, Statscan said. (Reporting by David Ljunggren; editing by Renato Andrade)