The economy in November: still alive, and pretty well

To recap:

  • After three months of zero or near-zero growth, Canada’s GDP expanded 0.3 per cent in November, above analysts’ expectations and up 1.3 per cent from the same period last year, Statistics Canada said today.
  • Most of the growth came from the goods-producing industry, which collectively climbed 0.6 per cent, up from 0.2 per cent in October.
  • Oil and gas extraction, in particular, was up a healthy 0.8 per cent due to renewed activity after several maintenance-related shutdowns in October.
  • The service sector was stagnant for the fourth consecutive month, edging up a mere 0.1 per cent. Gains in wholesale and retail trade were offset by weakness in the accommodation and food services industry and the financial sector.
  • Real estate-related services were up 0.2 per cent.

What the analysts are saying: 

  • The economy seems to have gained momentum towards the end of the year, although GDP growth for 2012 will still be beneath potential, wrote CIBC’s Emanuella Enenajor.
  • TD’s Jonathan Bendiner predicts fourth-quarter growth of one per cent and a sluggish start to 2013, with growth bogged down by uncertainty over U.S. fiscal policy and the current spread between Canadian crude and world oil prices possibly weighing on investment in the oil sands.

 




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The economy in November: still alive, and pretty well

  1. That Dutch Disease theory seems dumber and dumber each month.

  2. I am quite positive that the usual gang of harper haters are going to lose it completely – Harper is now going into history as being the PM who created the most net new jobs and the lowest unemployment EVER after a recession he has already broken the record and no doubt this little nugget of inforamtion will not be posted on main stream media !!!!! For the very first time in our history our unemplyoment figures were far better than the yankees after a meltdown – at any time in our past if you go back and research our unemployment was always higher than the states BUT look at from 2006 -> forward :) – okay haters put your lattes down get off your mom’s couch and get that thumb downing going on !!!!

    • Nice ad hominem.

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