Statistics Canada reports economy contracted 0.2 per cent in November

OTTAWA — Statistics Canada says real gross domestic product decreased 0.2 per cent in November, the largest monthly contraction since December 2023.

However, the agency says its preliminary estimate for December pointed to an increase of 0.2 per cent for the final month of the year.

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The advance estimate suggests an annualized growth rate of 1.8 per cent in the fourth quarter of 2024.

For November, Statistics Canada says goods-producing industries contracted 0.6 per cent, with the mining, quarrying, and oil and gas extraction and utilities sectors driving most of the decline.

Services-producing industries edged down 0.1 per cent in November.

The economic report comes as the U.S. threatens to impose tariffs on goods coming from Canada as soon as Saturday.

This report by The Canadian Press was first published Jan. 31, 2025.

The Canadian Press