Statistics
Canada announced on Friday that the Canadian gross domestic product (GDP) shrank
0.2 per cent m-o-m in November 2024, following
an unrevised 0.3 per cent m-o-m growth in the previous
month. This marked
the first monthly decrease in Canada’s
GDP. Economists had expected
a 0.1 per cent m-o-m contraction in November.
In y-o-y terms,
the Canadian GDP increased 1.5 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 contributed to the November contraction.
Overall, 13 of the 20
industrial sectors posted declined in the reviewed period, led by utilities (-3.6
per cent m-o-m), management of companies and enterprises (-3.0 per cent m-o-m),
mining, quarrying, and oil and gas extraction (-1.6 per cent m-o-m), and transportation
and warehousing (-1.3 per cent m-o-m). Meanwhile, accommodation and food
services (+1.4 per cent m-o-m), arts, entertainment and recreation (+0.8
per cent m-o-m), and construction (+0.7 per cent m-o-m) demonstrated the largest advances.
It was also reported
that preliminary data indicates that real GDP grew 0.2 per cent m-o-m in December 2024,
reflecting gains in retail trade, manufacturing and construction that were
partially offset by declines in transportation and warehousing, real estate and
rental and leasing and wholesale trade.