Canadian economy expands at 2.6% pace in November
Canada's gross domestic product was 2.6 per cent bigger in November than it was the same month a year earlier.
Statistics Canada reported Friday that Canada's GDP expanded by 0.2 per cent during the month. It was the fifth straight monthly increase and in line with what economists were expecting.
For comparison purposes, the 2.6 per cent annualized figure is better than the 1.9 per cent that the U.S. economy expanded last year.
The oil and gas industry, after a small monthly contraction of 0.7 per cent in October, rebounded the next month, expanding by 2.6 per cent. Both oil and natural gas production grew.
Utilities rose by 2.1 per cent on a monthly basis. The demand for both electricity and natural gas was up, in part because of colder than usual weather.
"The quarter likely ended on a sour note in December, as severe winter weather led to power outages and otherwise crimped activity in many parts of the country," TD Bank economist Leslie Preston noted. "That leaves the economy with very weak momentum heading into the first quarter of 2014, which could now see a more modest growth tally."