Canada's economy shrank in November as many sectors contracted
The economy seems to have see-sawed in the 3 months up to November, StatsCan says
Canada's gross domestic product declined by 0.1 per cent in November, as everything from manufacturing to construction, oil and gas, and finance all shrank.
Statistics Canada reported Thursday the economy seems to have see-sawed in the three months up to November — shrinking by 0.1 per cent in September, then growing by 0.3 per cent in October before shrinking again.
Thirteen out of 20 subsectors of the economy eked out gains, but they were overshadowed by contractions in some of the more high-profile parts of the economy.
Wholesale trade shrank by 1.1 per cent, while manufacturing was down by 0.5 per cent. The oil and gas sector shrank by 1.6 per cent. The finance and insurance sector declined by 0.7 per cent, while construction fell for the sixth month in a row.
On the upside, accommodation and food services grew by 0.6 per cent, utilities grew by 0.4 per cent and the public sector expanded by 0.2 per cent.