Investing.com – Canada's gross domestic product rose more-than-expected in November, official data showed on Monday.
In a report, Statistics Canada said gross domestic product rose by a seasonally adjusted 0.4% in November, after rising by 0.2% in October.
Analysts had expected Canada’s gross domestic product to rise by 0.3% in November.
According to the data, wholesale and retail trade, oil and gas extraction and the finance and insurance sectors were the main sources of growth in November, while manufacturing declined largely as a result of temporary plant shutdowns, weighing on GDP growth.
Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.42% to hit 0.9970.
In a report, Statistics Canada said gross domestic product rose by a seasonally adjusted 0.4% in November, after rising by 0.2% in October.
Analysts had expected Canada’s gross domestic product to rise by 0.3% in November.
According to the data, wholesale and retail trade, oil and gas extraction and the finance and insurance sectors were the main sources of growth in November, while manufacturing declined largely as a result of temporary plant shutdowns, weighing on GDP growth.
Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.42% to hit 0.9970.