Statistics Canada reported on Friday that the Canadian gross domestic
product (GDP) was flat m-o-m
in November, following a downwardly revised 0.0 per cent m-o-m change (from +0.1
per cent m-o-m) in October. It was the third straight month that Canada’s
GDP remained essentially unchanged. Economists had expected a 0.2 per cent m-o-m expansion in November.
In y-o-y terms, the Canadian GDP increased 0.9 per cent in November.
According to the report, the services-producing businesses registered
a 0.1 per cent m-o-m growth in August, while goods-producing industries recorded
a flat m-o-m performance.
Overall, 20 industrial sectors were evenly split between increases and
decreases in November. Retail trade posted the biggest advance (+1.2 per cent
m-o-m). It was followed by agriculture, forestry, fishing and hunting (+1.1), mining,
quarrying, and oil and gas extraction (+1.0 per cent m-o-m), and accommodation
and food services (+0.9 per cent m-o-m). On the contrary, the largest declines occurred
in management of companies and enterprises (-2.5 per cent m-o-m), wholesale trade
(-0.7 per cent m-o-m), and manufacturing (-0.6 per cent
m-o-m).
It was also reported that preliminary data
indicates that real GDP grew 0.1 per cent m-o-m in November, reflecting increases in
manufacturing, transportation and warehousing, and agriculture, forestry,
fishing and hunting, which were partially offset by decreases in retail trade.