Canada: GDP growth surprises on the upside in December
March 1, 2016
In December, monthly GDP grew 0.2% over the previous month in seasonally-adjusted terms. The tally was slightly lower than the 0.3% growth recorded in November; however, it overshot market expectations of a 0.1% increase. The small upside surprise is regarded as good news and finishes the year on a stronger than expected footing. However, growth was not homogenous across sectors, as manufacturing and wholesale trade drove the increase while substantial declines in retail trade, mining quarrying and oil and gas extractions were observed in December
On an annual basis, GDP grew 0.5% in December, which was in line with November’s result. The overall trend slid slightly as the annual average growth in GDP fell from 1.1% in November to 0.9% in December.
Author: Robert Hill, Economist