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%.