Canadian Real GDP Expanded 0.2% in November

On Wednesday, Statistics Canada (StatCan) reported that Canadian real gross domestic product (GDP) grew 0.2% in November 2023, after being essentially flat for the previous three months. Overall, 13 out of 20 industrial sectors posted gains in November.

The majority of November’s growth can be attributed to goods-producing industries, which gained 0.6%—the highest rate since January 2023. Services-producing industries edged up 0.1%, despite the impact of a strike in Quebec’s public sector (education).

StatCan reports that “advance” information indicates real GDP increased 0.3% in December. Increases in manufacturing, real estate and rental and leasing, and mining, quarrying, and oil and gas extraction were partially offset by declines in transportation and warehousing, construction, and educational services. StatCan will update this estimate on February 29th alongside the release of the official GDP data for December.

With the release of the “advance” estimate for December, information on real GDP by industry suggests that the Canadian economy expanded 0.3% in 2023Q4 and was up 1.5% for all of 2023. The official Q4 and annual 2023 data will be available on February 29th alongside the release of official real GDP by income and expenditure.