November Canadian GDP data

  • Prior was 0.0%
  • GDP +3.5% y/y vs +3.4% expected
  • Prior +3.4% y/y
  • 17 of 20 industries expanded
  • Manufacturing +1.8% m/m, the fastest since Feb 2014
  • Oil & gas +3.5% y/y

About half of the gains were from manufacturing after temporary shutdowns in autos and chemical plants.

"Automotive vehicle assembly increased in part due to the return to production of some plant capacity following shutdowns in September and October," StatsCan said.

Sequential growth in Canada in 2017 was 4% in Q1, 4% in Q2 and 1.7% in Q3. It's looking close to 3% in Q4, which should make for a very solid year, likely the best in the G7.

m/m change:

Separate Canadian data:

  • Industrial product price -0.1% vs -0.2% exp (+1.4% prior)
  • Raw materials price index -0.9% vs -2.3% exp (+5.4% prior)