Economy shrinks unexpectedly in November
Canada’s economy contracted in November for the first time since May as oil and gas extraction declined sharply, setting the stage for a sluggish performance in the fourth quarter.
Real gross domestic product fell 0.1 per cent in the month, Statistics Canada said on Tuesday, contrasting with market expectations of 0.2-per-cent growth.
GDP had stalled in October following four straight months of expansion.
Oil and gas production fell 2.5 per cent in November, partly due to maintenance shutdowns, and exports of both commodities slid.
The weakness in the energy sector as well as in wholesale trade, finance and construction overshadowed growth in manufacturing, up 0.6 per cent, and in other industries such as food and accommodation, real estate and professional services.
Service-producing industries expanded by 0.1 per cent for the fourth straight month while goods-producing industries shrank by 0.6 per cent, Statscan said.
Economy shrinks unexpectedly in November - The Globe and Mail
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