Canadian Real GDP Edged Higher in November; Preliminary December GDP Flat

Statistics Canada (StatCan) today (1-31-23) released its real gross domestic product (GDP) report for November. According to the report, Canadian real GDP edged 0.1% higher in November, following a 0.1% uptick in October. Growth in services-producing industries was up 0.2%, but that was partially offset by a 0.1% decline in goods-producing industries. Fourteen out of the 20 industrial sectors reported increases in November.

Advanced information indicates that real GDP was essentially unchanged in December. Increases in the retail, utilities, and public sectors were offset by decreases in the wholesale, finance and insurance, and mining, quarrying, and oil and gas extraction sectors. The advance information indicates a 0.4% increase in real industry GDP in 2022Q4 and a 3.8% increase for the year. Due to its preliminary nature, these estimates will be updated on February 28, 2023, with the release of the official GDP data for both December and 2022Q4.