Investing.com - Canada's economy unexpectedly shrank in November, following no growth in October, official data showed on Tuesday.
In a report, Statistics Canada said gross domestic product contracted by a seasonally adjusted 0.1% in November, confounding expectations for growth of 0.2%. Canadian GDP was flat in October.
Canada’s economy grew at an annualized rate of 2.0% in November, disappointing expectations for a 2.3% increase, following growth of 2.7% in the previous month.
Most of the November decline was accounted for by lower output in the energy sector.
Following the release of the data, the Canadian dollar pared gains against its U.S. counterpart, with USD/CAD shedding 0.28% to trade at 0.9987.
In a report, Statistics Canada said gross domestic product contracted by a seasonally adjusted 0.1% in November, confounding expectations for growth of 0.2%. Canadian GDP was flat in October.
Canada’s economy grew at an annualized rate of 2.0% in November, disappointing expectations for a 2.3% increase, following growth of 2.7% in the previous month.
Most of the November decline was accounted for by lower output in the energy sector.
Following the release of the data, the Canadian dollar pared gains against its U.S. counterpart, with USD/CAD shedding 0.28% to trade at 0.9987.