Statistics Canada Reports Economy Contracted 0.2% in November

Statistics Canada says real gross domestic product decreased 0.2 percent in November, the largest monthly contraction since December 2023.

However, the agency says its preliminary estimate for December pointed to an increase of 0.2 percent for the final month of the year.

The advance estimate suggests an annualized growth rate of 1.8 percent in the fourth quarter of 2024.

For November, Statistics Canada says goods-producing industries contracted 0.6 percent, with the mining, quarrying, and oil and gas extraction and utilities sectors driving most of the decline.

Services-producing industries edged down 0.1 percent in November.

The economic report comes as the U.S. threatens to impose tariffs on goods coming from Canada as soon as Saturday.

Related Stories