Statistics Canada says economy grew 0.7% in November

OTTAWA — Statistics Canada says the economy grew 0.7% in November.

The gains in November was the seventh straight month of gains after steep drops in March and April.

It also came with the backdrop of positive news about vaccines.

The agency also says its preliminary estimate for December shows growth of 0.3%, even as much of the country headed into heavy restrictions to slow the spread of COVID-19.

The preliminary estimate for the fourth quarter shows an annualized growth rate of 7.8%.

For the full year, Statistic Canada’s preliminary estimate shows the economy contracted by 5.1%.