Canada GDP


Monthly GDP expands in November

In November, GDP increased a seasonally adjusted 0.3% over the previous month, which was above both October's 0.1% rise and market expectations of a 0.2% expansion. According to Statistics Canada, manufacturing as well as mining, quarrying and oil and gas extraction drove the increase in November.

On an annual basis, GDP rose 1.3% in November, which was above the 1.1% increase observed in October. That said, the trend continues to point downwards, with annual average variation in GDP inching down from 2.0% in October to 1.9% in November, the lowest in more than two years.

According to its January Monetary Policy Report, the Central Bank projects the economy to grow 2.0% this year and 2.7% in 2014 (previously forecasted: 2.3% and 2.4%, respectively).


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Canada GDP Chart

Canada GDP November 2012

Note: Quarter-on-quarter changes of seasonally adjusted annualized GDP and year-on-year variation in %.
Source: Statistics Canada (SC) and FocusEconomics Consensus Forecast.

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