Manufacturing helps GDP grow 0.4% in November

Exceeds economists' initial forecast of a 0.3% gain for the month.

January 31, 2017   by CP STAFF

OTTAWA — Statistics Canada reports real gross domestic product (GDP) grew by 0.4% in November, slightly above expectations, thanks in part to manufacturing.

The improvement was due to strength in a broad number of sectors including manufacturing, finance, insurance, construction, and mining, quarrying and oil and gas extraction.

Economists had expected a 0.3% gain for the month, according to Thomson Reuters.

Statistics Canada also revised its result for October, saying the economy shrank that month by 0.2%, compared with an initial reading of a contraction of 0.3%.

Statistics Canada says goods-producing industries rose 0.9%, while service-producing industries grew by 0.2%.

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