Stats Canada: GDP Up in November

According to a report released today by Stats Canada, our country's real gross domestic product rose by 0.3 percent in the month of November (2015). The federal government agency attributes the increase to increases in wholesale and retail trade, oil and gas extraction as well as manufacturing.

The gain in November follows a 0.5 percent decline in September and no growth in October.

The output of service-producing industries increased 0.2 percent, mainly as a result of increases in wholesale and retail trade. Transportation and warehousing services also increased. In contrast, the finance and insurance, public (education, health and public administration combined) and arts, entertainment and recreation sectors were down.

The output of goods-producing industries reportedly rose 0.4 percent in November, mainly attributable to increases in manufacturing and mining, quarrying, and oil and gas extraction. Utilities as well as the agriculture and forestry sector increased, while construction was unchanged.

Wholesale and Retail Trade Expands
After contracting for four consecutive months, wholesale trade expanded by 1.3 percent in November. Building materials and supplies, miscellaneous (which includes agricultural supplies), motor vehicle and parts as well as personal and household goods wholesaling all rose. In contrast, the wholesaling of machinery, equipment and supplies as well as petroleum products were down.

Retail trade (up by 1.2 percent) also expanded in November, after declining 0.2 percent in October, as almost all trade groups posted growth. There were notable increases at motor vehicle and parts dealers, food and beverage stores, clothing and clothing accessories stores as well as electronics and appliance stores. Conversely, retailing activity decreased at gasoline stations.

Manufacturing Output Increase
After falling for two consecutive months, manufacturing output rose 0.4 percent in November.

Durable-goods manufacturing grew 0.8 percent in November, following three consecutive monthly declines. Gains were notable in miscellaneous manufacturing, wood products manufacturing, fabricated metal products manufacturing and electrical equipment manufacturing. In contrast, machinery manufacturing was down.

Finance and Insurance Sector Contracts
The finance and insurance sector contracted for a fourth consecutive month, down 0.3 percent in November as a result of declines in financial investment and insurance services. In contrast, banking services rose.

Other Industries
Transportation and warehousing services increased 0.8 percent in November, mainly because of growth in rail transportation services and support activities for transportation.

For additional statistics from other industries, see the full report here.