Canada GDP Surpasses Expectations With 0.7% November Gain

By Paul Vieira

OTTAWA--Canadian economic growth accelerated in November, surpassing expectations, powered by the commodity sector. With the result, the country's gross domestic product remains roughly 3% below prepandemic levels.

Statistics Canada on Friday said Canada's GDP in November jumped 0.7% from the previous month, to 1.93 trillion Canadian dollars, or the equivalent of $1.51 trillion. In October, GDP rose 0.4% on a month-over-month basis.

November's 0.7% gain exceeded the data agency's own estimate for a 0.4% advance, which economists used as their market expectation.

Statistics Canada also said its estimate for December suggests a 0.3% month-over-month GDP increase, which translates into a 1.9% nonannualized advance for the fourth quarter. For 2020, the data agency said it anticipates a 5.1% decline in GDP for the year.

Write to Paul Vieira at [e-mail]

(END) Dow Jones Newswires

01-29-21 0900ET