AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Summary
- Canada saw its real gross domestic product (GDP) balloon by 0.7 per cent month-over-month (MoM) in November last year.
- The country’s total economic activity in November, however, was about three per cent below the pre-COVID levels from February.
- Based on preliminary information, Statistics Canada noted that the real GDP is expected to see a monthly rise of 0.3 per cent for December 2020.
Despite the rising number of COVID-19 infections and tightening lockdown measures, Canada saw its real gross domestic product (GDP) balloon by 0.7 per cent month-over-month (MoM) in November last year. This was the seventh consecutive monthly rise since the pandemic-triggered lows in March and April, and was also up from October’s 0.4 per cent GDP increase.
The country’s total economic activity in November, however, was about three per cent below the pre-COVID levels from February.
Most Sectors in Canada Contributed to November’s GDP Growth
Statistics Canada reported that the public sector, as well as those of real estate, mining, oil and gas extraction, etc., contributed to the GDP growth in November, as 14 out of 20 industrial sectors recorded gains. Meanwhile, sectors such as retail, wholesale, accommodation and food services posted a decline.
©Kalkine Group 2021
Based on preliminary information, the report noted that Canada’s real GDP is expected to see a monthly rise of 0.3 per cent in December 2020. While this projection points to an approximate GDP increase of 1.9 per cent for the fourth quarter of 2020, it could also mean a contraction of about 5.1 per cent for the full year.
The subsector comprising mining and quarrying industries posted a 6.1 per cent GDP increase in November, while that of oil and gas extraction expanded by 1.7 per cent.
The GDP for Canada’s manufacturing sector grew by 1.7 per cent MoM after a 0.5 per cent decrease in October. The finance and insurance sector galloped by 1.3 per cent MoM on the back on extensive growth across all subsectors.
Retail and wholesale industries expanded by 1.1 per cent and one per cent in November, respectively.
The public sector, which comprises educational services, health care and public administration, was up by 0.3 per cent for the month.
StatCan reported that the revised and official data of Canada’s real GDP figures for the month of December and the fourth quarter of 2020 will be released on March 2.
