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Canada’s economy grows 0.3% in November

By Brad Perry Jan 31, 2024 | 10:56 AM

Canada’s economy performed better than expected in November.

Statistics Canada said Wednesday that gross domestic grew 0.2 per cent.

It follows three months of the economy remaining essentially unchanged.

Most of the growth came from the goods-producing industries, which saw its highest growth rate since Jan. 2023.

The manufacturing sector rose 0.9 per cent, as both non-durable and durable goods manufacturing contributed to the increase.

Wholesale trade rebounded 0.7 per cent in November as six of nine subsectors grew, according to StatCan. Personal and household goods wholesaling was the main contributor to growth.

Transportation and warehousing rebounded 0.8 per cent in November following a decline the previous month. Rail transportation was the leading contributor, largely driven by increases in coal and forestry product carloadings.

The educational services sector declined 0.3 per cent, its first decrease since June, as strikes by Quebec workers in the sector began.

Information and cultural services increased 0.5 per cent following five consecutive monthly declines, led by publishing industries and motion picture and sound recording industries.

Mining, quarrying and oil and gas extraction grew 0.3 per cent as two of three subsectors were up, led by the oil and gas extraction subsector.

Meanwhile, advance information from StatCan indicates that GDP increased 0.3 per cent in December. That suggests the economy expanded 0.3 per cent in the fourth quarter and 1.5 per cent in 2023 as a whole.

The official estimates for the fourth quarter and the year will be available on Feb. 29.

You can view the latest GDP report on Statistics Canada’s website.