Canada: Monthly GDP rebounds in November
January 31, 2017
Canadian GDP expanded by 0.4% in November compared to the previous month in seasonally adjusted terms, rebounding from the 0.2% contraction recorded in October. November’s figure also came in above market expectations of a 0.3% expansion. According to Statistics Canada, November’s improvement was broad-based as seven out of ten sectors recorded gains. A breakdown of the numbers shows that the print was mainly driven by a strong performance by the manufacturing sector, which grew at the fastest rate in five months. The mining and energy sector also added to the positive showing as a result of increased output capacity in Alberta’s oil sector, which is still recovering from May’s wildfires that disrupted production.
On an annual basis, GDP rose 1.6% in November, which mirrored October’s increase, while annual average economic growth edged up to 1.0% from 0.9% in October.
Author: Luis Lopez Vivas, Economist