This slight miss adopted a 0.3% improve in October, with 13 of 20 sectors experiencing declines in November. Items-producing industries dropped 0.6%, whereas services-producing industries fell 0.1%, ending 5 consecutive months of progress.

Sectors that noticed the most important pull backs have been mining, quarrying and oil & fuel extraction (-1.6%), help actions for mining and oil & fuel extraction (-4.6%), utilities (-3.6%) and transportation and warehousing (-1.3%). 

StatCan notes that the postal service sub-sector fell 20.3% in November, throughout which period roughly 55,000 postal employees went on strike beginning November 15.

Actual property and rental leasing elevated 0.3% in November, marking the seventh improve in a row. The development sector additionally noticed an uptick of 0.7%. Residential constructing development rose 1.8% for the fourth consecutive month.

December GDP projected to rise, with February 1 tariffs in focus

After November’s GDP decline, December is poised for a rebound.

“Statistics Canada’s early estimate for December GDP is +0.2%, with retail exercise offering an enormous serving to hand as a result of tax vacation,” writes BMO’s Benjamin Reitzes, including, “Nevertheless, there was weak spot in housing, transportation/warehousing and wholesale.”

Marc Ercolao, an economist at TD Economics, factors out that the economic system is “monitoring on level” with the Bank of Canada‘s latest projection of 1.8% annual progress for This fall. StatCan’s advance info estimate will likely be up to date on February 28 when the official GDP launch for December 2024’s GDP is launched.

Regardless of November’s weak spot, GDP has presently taken a backseat to the quick menace of U.S. tariffs, in accordance with economists.

“That is all previous information…as everyone seems to be on Tariff Watch in the mean time,” writes Reitzes. “That’s all that issues near-term, whether or not we prefer it or not.”

As for the impression on future financial coverage, Ercolao believes the Financial institution of Canada “has its work reduce out for them” for future choices.

“After slashing interest rates this week, they’ll now watch for additional particulars about Trump’s tariff implementation plan, which is able to come as early as tomorrow,” he wrote. “Whereas we expect the Financial institution will step to the sidelines at their March assembly, expedited fee cuts could also be within the playing cards ought to a worst-case commerce warfare ensue.”

Visited 178 instances, 2 go to(s) at the moment

Bank of Canada Benjamin Reitzes economic data economic indicators economic news gdp Marc Ercolao statcan statcan GDP statistics canada statistics Canada GDP tariffs

Final modified: January 31, 2025