Canadian GDP up 0.4% in November, Statistics Canada says

By zaymalz malz

According to the latest monthly data from Statistics Canada, the Canadian economy grew 0.4% during the month of November 2017, largely driven by widespread growth across the vast majority of Canada’s industrial sectors.

17 of 20 industrial sectors reported growth, with goods producing industries rising 0.8% following a 0.5% decline the month previous. Further, the manufacturing sector saw a significant rise, up 1.8% - the largest monthly increase in over two and a half years.

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The Canadian auto manufacturing industry saw the biggest gains, up 14.3%, following four straight monthly declines between July and October that resulted in a total 21.5% drop in the industry.

The mining, quarrying and oil & gas sectors also contributed significantly to the overall growth in GDP, with a 0.5% increase, despite a 1.1% decline through October.

The 0.4% growth of the economy marks a further increase in GDP, up from the 0.2% growth recorded in October, making it the strongest month for growth since May 2017.

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