Canada: Monthly GDP expands in November
January 31, 2013
In November, GDP increased a seasonally adjusted 0.3% over the previous month, which was above both October's 0.1% rise and market expectations of a 0.2% expansion. According to Statistics Canada, manufacturing as well as mining, quarrying and oil and gas extraction drove the increase in November.
On an annual basis, GDP rose 1.3% in November, which was above the 1.1% increase observed in October. That said, the trend continues to point downwards, with annual average variation in GDP inching down from 2.0% in October to 1.9% in November, the lowest in more than two years.
According to its January Monetary Policy Report, the Central Bank projects the economy to grow 2.0% this year and 2.7% in 2014 (previously forecasted: 2.3% and 2.4%, respectively).