November GDP an Upside Surprise

January 31, 2023 - Statistics Canada today posted better than expected November GDP results, showing a growth of 0.2% compared to October and the first "up" month since July. Most of the increase came from goods-producing industries, which were up 0.6%, but growth was fairly wide-spread, with 13 of 20 sectors posting an increase.

Total construction activity was down by 0.2%, mainly due to a 1.3% decline in engineering and other construction activities. Our sector, non-residential building construction, was up 0.7% compared to October. However, compared to November 2022, it was flat.

StatsCan also released its advanced estimate for December, Q4, and 2023 as a whole. These estimates, which are always subject to revision (sometimes major revision), show a 0.3% increase in December, growth of 0.3% in Q4, and an overall growth of 1.5% for the year.

You can read the StatsCan announcement here.