Economic turnaround gathers steam

Canadian GDP numbers better than expected for November

The Canadian economy posted its third straight month of expansion in November as gross domestic product, or GDP, rose by 0.4 per cent, according to Statistics Canada. Most of the growth came from the mining and oil and gas industries, as well as wholesale trade. The November data was better than many economists were expecting, leading some to suggest the recovery is gathering momentum despite relatively weak employment. Another positive sign: the U.S. economy roared back to life during the last three months of 2009, with GDP growth of 5.7 per cent, according to a report Friday. That, too, was more than analysts had forecasted. Canada’s fourth quarter GDP numbers are scheduled to be released on March 1. The Bank of Canada has predicted growth of 3.3 per cent.

Financial Post

Looking for more?

Get the Best of Maclean's sent straight to your inbox. Sign up for news, commentary and analysis.