According to Statistics Canada, economic growth in November was 0.6%, returning to pre-COVID levels.


According to Ottawa-Statistics Canada, real gross domestic product rose 0.6% in November, and then COVID-19 cases began to surge at the end of the year.

According to the agency, growth in November was the sixth straight month of growth, with the economy 0.2% above pre-pandemic levels.

The November rise was seen in the wholesale and manufacturing industries, which had the largest monthly growth since July 2020.

Bars and restaurants in Ontario and Quebec have increased both accommodation and food services due to more travelers and relaxed capacity restrictions.

The Bureau of Statistics also said that initial estimates for December show that real GDP for the final month of 2021 will remain essentially unchanged, with growth of 4.9% for the full year.

The results are uncertain until next month, but production has fallen 5.4%, a turnaround from 2020, the worst year in Canada’s economy.

Statistics Canada estimates fourth-quarter economic growth of 6.3% annually for the 2021 finish line.

The Bank of Canada warned last week that Omicron expects to curb first-quarter spending and slow growth to about 2% per annum.

Royce’s Mendes, managing director and chief of macro strategy at Dejardan, said he expects the economy to shrink in January under the weight of Omicron.

Given the strong reading in November, he added that fourth-quarter growth is likely to exceed central bank expectations, and the Bank of Canada will be on track to raise rates from March.

Canadian press

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