Manufacturing takes back seat in GDP growth
Real gross domestic product rose 0.4 per cent in November after growing by 0.2 per cent in October, according to Statistics Canada’s most recent data.
OTTAWA—Real gross domestic product rose 0.4 per cent in November after growing by 0.2 per cent in October, according to Statistics Canada’s most recent data.
Oil and gas extraction led the way in November, followed by wholesale and retail trade, real estate and the finance and insurance sector.
Manufacturing declined 0.8 per cent, largely as a result of temporary plant shutdowns for retooling in the motor vehicle assembly industry and shift reductions in the motor vehicle parts industry.
Excluding the motor vehicle and associated parts industries, the manufacturing sector was down 0.2 per cent. Output at refineries rebounded 4.6 per cent following the end of maintenance work at various plants.
Oil and gas extraction grew 2.4 per cent in November on higher synthetic crude petroleum production following the completion of upgrader maintenance. Natural gas production was unchanged.
However, support activities for mining, oil and gas extraction declined 3.4 per cent on decreases in rigging and drilling activities.
Iron ore extraction grew 10.8 per cent, returning to its August level after two consecutive monthly declines.
Wholesale trade rose 1.5 per cent in November on the strength of trade in machinery and equipment, farm products and building materials, as well as food, beverage and tobacco products. Wholesale activity in motor vehicles fell.
Retail trade advanced 1.4 per cent in November after a slight decline the month before. It was the second largest monthly increase in 2010 after the 2.1 per cent gain in March.