Issue 20-16: Gross Domestic Product
January 31, 2020
Canada’s economy expanded slightly in November, with real GDP climbing 0.1% (seasonally adjusted) from the previous month.
The goods sector saw growth in November (+0.1%), following two consecutive months of declines. GDP in mining and oil and gas extraction (-1.4%) and agriculture, forestry, fishing and hunting (-0.3%) slowed, but the decreases were offset by strength in utilities (+2.1%) and construction (+0.5%). The rise in utilities was largely the result of unseasonably cold weather in November.
Meanwhile, the service sector also posted a modest 0.1% increase, boosted in part by robust activity in the retail trade (+0.5%) industry.
Data Source: Statistics Canada