Statistics
Canada announced on Wednesday that the Canadian gross domestic product (GDP) grew
0.2 per cent m-o-m in November 2023, following
an unrevised 0.0 per cent m-o-m
change in the
previous month. This marked the
first monthly rise in Canada’s GDP since
May 2023 (+0.3 per cent m-o-m). Economists had forecast a 0.1 per cent m-o-m advance
for November.
In y-o-y terms,
the Canadian GDP expanded 1.1 per cent in November.
According to
the report, both goods-producing (+0.6 per cent m-o-m) and services-producing
(+0.1 per cent m-o-m) businesses underpinned the November increase. Overall, 13 of the 20
industrial sectors posted increases in November, led by agriculture, forestry,
fishing and hunting (+2.4 per cent m-o-m), utilities (+1.4 per cent m-o-m), and
manufacturing (+0.9 per cent m-o-m). On the contrary, management of companies
and enterprises (-7.8 per cent m-o-m) registered the biggest decline.
It was also
reported that preliminary data indicates that real GDP jumped 0.3 per cent m-o-m in December,
reflecting increases in manufacturing, real estate and rental and leasing, and
mining, quarrying and oil and gas extraction, which were partially offset by declines
in transportation and warehousing, construction, and educational services.
These flash
estimates also point to a 0.3 per cent rise in GDP in
the fourth quarter and a 1.5 per cent growth in 2023 as a whole.