- Prior -0.3%
- December preliminary GDP +0.1%
StatCan notes that Real GDP was essentially unchanged in November following a 0.3% decline in October, as contractions in goods-producing industries offset expansions in services-producing industries.
Goods-producing industries declined 0.3% in November, down for the third time in four months, driven by contractions in the manufacturing and agriculture, forestry, fishing and hunting sectors in the month. Services-producing industries edged up 0.1%, with expansions in the retail trade, educational services and transportation and warehousing sectors. Overall, 10 of the 20 industrial sectors grew in November.
What does the monthly GDP measure?
In Canada, the Monthly GDP is a measure of the country's economic output by industry (Real GDP by Industry). Unlike many other countries that only report GDP quarterly, Statistics Canada releases this data every month to provide a more frequent "pulse check" on the economy.
Statistics Canada breaks the report down into two main sectors:
Goods-Producing Industries: Includes manufacturing, construction, and mining/oil & gas. This sector has been volatile lately due to shifting trade policies and energy prices.
Services-Producing Industries: Includes retail, healthcare, and professional services. This usually provides the "floor" for the economy, though it has slowed as consumers pull back on spending.
