Statistics Canada is set to release its November gross domestic product report this morning, along with a preliminary estimate for economic growth in the fourth quarter. The Bay Street Financial District is shown with the Canadian flag in Toronto on Friday, August 5, 2022.THE CANADIAN PRESS/Nathan Denette
OTTAWA – Statistics Canada says the economy grew 0.2 per cent in November, marking the first month of expansion in six months.
A preliminary estimate suggests real gross domestic product increased 0.3 per cent in the fourth quarter overall, bringing economic growth in 2023 to 1.5 per cent.
The report says growth in November was driven by gains in goods-producing industries, including manufacturing and wholesale trade.
Meanwhile, education services sector shrank in the month as strikes in Quebec began.
High interest rates have weighed on economic growth in Canada as businesses and consumers face higher borrowing costs.
Economists expect that trend to continue through the first half of this year.
This report by The Canadian Press was first published Jan. 31, 2024.
