Canadian Gross Domestic Product Grew 0.7% in November

According to Statistics Canada (StatCan), Canada’s real gross domestic product (GDP) grew 0.7% in November, following a 0.4% increase in October. Marking the seventh successive month of gains and helping to offset the steepest drops on record in March and April. Nevertheless, total economic activity in Canada remains approximately -3% below the pre-pandemic level in February. Both goods-producing (+1.2%) and services-producing (+0.5%) industries were up, as 14 of 20 industrial sectors posted gains in November. Preliminary information indicates an approximate 0.3% increase in real GDP for December. Contributing to the growth in November was the public sector, real estate and rental and leasing and the mining, quarrying, and oil and gas extraction sectors, while retail, accommodation and food services, and wholesale declined.