Canadian November 2020 monthly GDP
- Prior was +0.4%
- GDP y/y -2.8% vs -3.2% expected
- Seventh consecutive monthly gain
- Goods producing +1.2% m/m
- Services producing +0.5% m/m
- Preliminary Dec GDP +0.3%
- Preliminary Q4 GDP +1.9%
- Preliminary 2020 GDP -5.1%
That's a decent result on GDP. I think the December headlines here matter more than the overall numbers. Canada has had one of the better outcomes in 2020, due in part to massive government spending. The IMF estimate this week was for Canadian 2020 GDP at -5.5% and the economist consensus is -5.6%.
Separately, the PPI report was out:
- Industrial product prices +1.5% m/m vs +1.4% exp
- Raw materials price index +3.5% m/m vs +2.5% exp
That's a hefty month-over-month rise.