The Toronto skyline in Canada

Canada GDP November 2022

Canada: Economic activity records a mild expansion in November

GDP expanded 0.1% month-on-month in seasonally-adjusted terms in November, following an increase in October of 0.1%. The November figure marked the joint-worst reading since January but was still the tenth consecutive month of growth. The main sectors contributing to growth were transport, finance and public administration. In contrast, construction, manufacturing and retail declined.

On an annual basis, GDP rose at a more moderate pace of 2.8% in November (October: +3.2% yoy), the worst result since February 2021.

A flash estimate suggested that GDP was broadly stable in December, bringing the quarterly expansion in Q4 to 0.4%.

On the reading, TD Economics’ James Orlando said:

“The Canadian economy continues to show its resilience, […] though will mark a step down from the 3% [GDP growth] trend of the prior three quarters. This deceleration was always on the cards given the historic Bank of Canada tightening cycle. Looking at the industry sector breakdown, we can see that the interest rate sensitive sectors are feeling the brunt of this, especially in the construction and retail sectors.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest