Canadian GDP growth strong in November
While economic expansion in Canada got off to a good start at the beginning of 2010, growth petered out through the summer and early fall. However, newly released statistics suggest growth started to increase toward the end of the year.
The total value of all goods and services produced in the Canadian economy in November expanded by 0.4% month-over-month, the highest rate of increase since March 2010, and twice the increase posted in October. That surprised economists, who had been forecasting a gain of only 0.3%, which still would have been considered respectably strong growth.
Some national sectors that did well in November include wholesale (+1.5%) and retail trade (+1.4%), both of which suggest Canadian consumers are feeling progressively more confident. Monthly losses were posted in manufacturing (-0.8 %) and construction (-0.4%).
The stronger-than-expected growth in November should lift overall fourth quarter growth to the range of 2.0-2.5%. That figure remains in line with the 2.4% projection by the Bank of Canada for all of 2011.
(Source: ATB Financial)
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