Canada: GDP growth rate slows slightly in November
January 31, 2014
GDP increased a seasonally-adjusted 0.2% over the previous month in November, which was just below the 0.3% tallied in October. The increase was in line with market expectations. According to Statistics Canada, mining as well as oil and gas extraction were the sectors that made the greatest contribution to the expansion.
On an annual basis, GDP rose 2.6% in November, which was just below the 2.7% expansion observed in October. The overall trend increased, with annual average variation in GDP inching up from 1.7% in October to 1.8% in November.
According to its January Monetary Policy Report, the Central Bank projects that the economy will grow 2.5% in both 2014 and 2015. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.4% in 2014, which is up 0.1 percentage points from last month's estimate. For 2015, the panel expects the economy to expand 2.6%.
Author: Carl Kelly, Economist