Canada GDP November 2016


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.

According to its November Monetary Policy Report, the Central Bank predicts that the economy will grow 2.1% in both 2017 and 2018. FocusEconomics Consensus Forecast panelists expect the economy to grow 1.9% in 2017, which is unchanged from last month’s estimate. For 2018, the panel also expects the economy to also expand 1.9%.

Author:, Economist

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Canada GDP Chart

Canada Monthly GDP November 2016

Note: Month-on-month changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: Statistics Canada (SC) and FocusEconomics calculations.

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