Canada: GDP growth recovers in November
January 29, 2016
In November, monthly GDP grew 0.3% over the previous month in seasonally-adjusted terms. The tally was an improvement over the flat growth registered in October and was in line with market expectations. The reading suggests that Canada’s economy is picking up steam, and follows Septembers 0.5% contraction, and October’s flat growth. The manufacturing sector increased after contracting in September and October. Mining, quarrying and oil extraction activities also increased, after undergoing a severe contraction in September, and a muted expansion in October.
On an annual basis, GDP grew 0.2% in November, which contrasted October’s 0.2% contraction. The overall trend slid slightly as the annual average variation in GDP fell from 1.0% in October to 0.9% in November.
Author: Robert Hill, Economist