Close X
Monday, November 18, 2024
ADVT 
National

Canadian Economic Growth Inches Forward 0.3% In November: Statistics Canada

The Canadian Press, 29 Jan, 2016 11:24 AM
    OTTAWA — Canadian economic growth crept upwards in November by 0.3 per cent — the first sign of life in the monthly data since August when there was a razor-thin increase of 0.1 per cent.
     
    Statistics Canada's latest reading for real gross domestic product followed zero growth in October and a contraction of 0.5 per cent in September.
     
    The federal agency said Friday that November's GDP growth was mostly due to increased activity in retail and wholesale trade, energy extraction and manufacturing.
     
    Wholesale trade bounced back to expand 1.3 per cent in November after shrinking for four-straight months, the report said.
     
    Growth in retail trade increased 1.2 per cent following an October contraction of 0.2 per cent, while manufacturing saw an increase of 0.4 per cent after falling for two consecutive months, Statistics Canada said.
     
    Overall natural resources extraction rose 0.6 per cent in November, the report said. Oil and gas extraction increased 2.1 per cent to help offset the weight of the mining and quarrying component, which declined 2.3 per cent.
     
     
    Downward pressure on GDP — a broad measure of the economy — also came from the finance and insurance sector, which contracted 0.3 per cent for its fourth-straight monthly decline.
     
    The GDP reading was released as Canada limps through the net negative effects of a commodity price shock that began in late 2014 and continues in early 2016.
     
    The figure tees up a potentially weak GDP number for the fourth quarter amid downgraded expectations for the final three months of 2015.
     
    The Bank of Canada recently lowered its GDP forecast for the fourth quarter to 0.3 per cent, down from 0.7 per cent. Earlier this month, the central bank also decreased its GDP prediction for the first quarter of 2016 to 0.8 per cent and for the second quarter to 1.4 per cent.
     
    Canada's economy fell into the technical definition of a recession in the first half of  2015 when GDP fell for two straight quarters. It decreased at an annual pace of 0.7 per cent over the first three months of 2015 and again by 0.3 per cent in the second quarter.
     
    In the third quarter, however, GDP rebounded by generating 2.3 per cent growth.

    MORE National ARTICLES

    8 Arrested During March In Downtown Montreal

    Montreal police say they arrested one woman and seven men on charges ranging from uttering death threats, assault with a weapon, obstructing police and intimidation.

    8 Arrested During March In Downtown Montreal

    Improving Public Access To Information Will Make Government Better: Justin Trudeau

    OTTAWA — Ensuring Canadians have access to federal information will mean more — and sometimes difficult — public scrutiny, but ultimately it will lead to better government, the prime minister says.

    Improving Public Access To Information Will Make Government Better: Justin Trudeau

    Dennis Oland Found Guilty Of Second-Degree Murder In Father's Death

    Dennis Oland Found Guilty Of Second-Degree Murder In Father's Death
    Oland began crying and saying, "Oh my God," after the verdict was read Saturday in a Saint John court. He also could be heard saying, "My children."

    Dennis Oland Found Guilty Of Second-Degree Murder In Father's Death

    Governor General Welcomes Latest Batch Of Syrian Refugees Arriving In Toronto

    Governor General Welcomes Latest Batch Of Syrian Refugees Arriving In Toronto
    The chartered plane from Beirut, carrying about 214 refugees, was the fourth flight organized by the government as part of its plan to bring 10,000 Syrian refugees to Canada by the end of the year.

    Governor General Welcomes Latest Batch Of Syrian Refugees Arriving In Toronto

    Air Canada Has Reached A Tentative Agreement With 7,500 Members Of IAMAW

    Air Canada Has Reached A Tentative Agreement With 7,500 Members Of IAMAW
    Airline says the 10-year agreement with the International Association of Machinists and Aerospace Workers covers 7,500 employees.

    Air Canada Has Reached A Tentative Agreement With 7,500 Members Of IAMAW

    BlackBerry CEO: Its a 'social responsibility' to vault privacy in some cases

    WATERLOO, Ont. — BlackBerry's chief executive John Chen says he stands by a controversial blog post he published earlier this week that outlines when he'd be willing to hand private customer information over to law enforcement.

    BlackBerry CEO: Its a 'social responsibility' to vault privacy in some cases