This article was last updated on April 16, 2022
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Statistics Canada have publicized a statement today in Ottawa declaring that Canada’s gross domestic product has been growing, with a fastest rate since the past seven months, in November due to the addition from manufacturing, mining and energy. It was revealed that overall output has increased up to 0.3 percent, which is supported by an annualized C$1.56 trillion ($1.56 trillion).
Bloomberg economist survey forecasted a median of 0.2 percent expansion in the month. The report presented a growth rebound in the fourth quarter from the 0.6 percent annual pace as witnessed before between July and September. It was attributed that the expansion is aided by the job market, as unemployment rate fell to four-year low in December. Whereas, manufacturing contributed through increasing by 0.7 percent in November, which was a return from a 0.9 percent decline in the month before. Additionally, the mining, oil and gas category showed an increment of 0.8 percent. Exxon Mobil Corp., and four other partners, stated on 4th Jan. that they will be further spending almost $14 billion in order to develop a Hebron oil field off Newfoundland, which will in return produce at least 700 million barrels of crude during its lifespan.
The Governor of Bank of Canada, Mark Carney, made an official statement on 23rd Jan. mentioning that the increase to his 1 percent benchmark interest rate is “less imminent” and cut his fourth-quarter growth prediction to 1 percent from 2.5 percent. Prime Minister Stephen Harper gave an official statement yesterday, claiming that his Conservative government aims to focus on the economy and families in the session of parliament opened this week.
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