This article was last updated on April 16, 2022
The latest set of figures calculated by Statistics Canada revealed that the Canadian economy have grown by 0.2 per cent in November, compared to October, primarily due to the mining and oil-and-gas industries. It is now the fifth consecutive month to have produced growth for the economy. However, the amount of growth was slightly slower compared to 0.3 per cent growth reported in October.
The report submitted by Statistics Canada on Friday showed that the gross domestic product increased by 2.6 per cent in November, compared to November 2012, which is almost equivalent to economists’ predictions. Meanwhile, the goods producing sectors increased by 0.4 per cent in November, and the service industries grew by 0.2 per cent. On the other hand, manufacturing, agriculture, construction and the forestry sector declined. Chief Economist of Bank of Montreal, Douglas Porter, mentioned that “while looking somewhat deep into the rear-view mirror, the decent month continues to point to a sturdy end to 2013 for the Canadian economy.”
Mr. Porter mentioned in his research note that “the three-month trend in growth is now running at a nifty 3.8-per-cent annualized clip, and output is up 2.6 per cent from a year ago.” He added “however, we look for a setback in next month’s report, as the brutal December weather (notably the ice storm in Ontario) is expected to produce a GDP decline for that month. Still, with the solid start to the quarter, we continue to look for Q4 growth of a bit better than the Bank of Canada’s latest estimate of 2.5 per cent.”