OTTAWA – Statistics Canada says real gross domestic product decreased 0.2 per cent in November, the largest monthly contraction since December 2023.
However, the agency said Friday its preliminary estimate for December pointed to an increase of 0.2 per cent for the final month of the year.
The advance estimate suggests an annualized growth rate of 1.8 per cent in the fourth quarter of 2024.
The economic report came as the U.S. threatens to impose tariffs on goods coming from Canada as soon as Saturday.
For November, Statistics Canada said goods-producing industries contracted 0.6 per cent, as mining, quarrying and oil and gas extraction fell 1.6 per cent in November.
The utilities sector dropped 3.6 per cent in November, as electric power generation, transmission, and distribution fell 4.4 per cent.
Services-producing industries edged lower by 0.1 per cent in November, weighed down by the transportation and warehousing sector which fell 1.3 per cent as it was hit by work stoppages including a strike by 55,000 postal workers.
Statistics Canada also pointed to labour disputes at the Port of Montreal and Port of Vancouver during the month.
The agency noted that several leisure-related industries including accommodation and food, arts, entertainment and recreation and air transportation grew in November as Taylor Swift’s Eras Tour arrived in Toronto.
The accommodation and food services sector increased 1.4 per cent in November, the largest rise since January 2023, while arts, entertainment and recreation grew 0.8 per cent. Air transportation added 1.3 per cent in November.
This report by The Canadian Press was first published Jan. 31, 2025.
