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Canada: GDP contracts in November

January 30, 2015

In November, GDP contracted 0.2% over the previous month in seasonally-adjusted terms, which contrasted the 0.3% expansion recorded in October and marked the steepest decline in nearly a year. According to Statistics Canada, the drop was largely the result of declines in manufacturing, mining as well as in oil and gas extraction.

On an annual basis, GDP rose 1.9% in November, which was below October’s 2.3% increase. The figure marked the slowest expansion since June 2013. The overall trend was stable with the annual average variation in GDP remaining at October’s 2.3%.

According to its January Monetary Policy Report, the Central Bank projects that the economy will grow 2.1% in 2015 and 2.4% in 2016. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.4% in 2015, which is down 0.1 percentage points from last month’s estimate. For 2016, the panel expects the economy to expand 2.3%.


Author: Angela Bouzanis, Senior Economist

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Canada GDP Chart


Canada Monthly GDP November 2014

Note: Month-on-month changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: Statistics Canada (SC) and FocusEconomics calculations.


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