Canadian November GDP

  • In October GDP fell 0.3% m/m (revised to -0.2%)
  • In year-over-year terms, GDP rose 1.6% vs 1.4% expected
  • October y/y GDP revised to +1.6% from 1.5%

Strong number and an upward revision to the prior. That's a big slice of good news for the Canadian dollar.

Details:

  • Goods +0.9%
  • Services +0.2%

Manufacturing rebounded after a weak October and the 'mining, quarrying and oil and gas extraction' category rose. In general, industry was responsible for the growth.

The largest negative impact was from utilities, which declined 3.0% but that's because of unusually warm weather in November, especially in the Western part of the country.

Other sectors:

  • Retail +0.7% led by motor vehicles
  • Transportation +0.7%
  • Construction +1.1% led by residential construction
  • Finance and insurance +1.5%