Canadian economy back to pre-pandemic levels in November: StatsCan

Posted by Emma Crawford,

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Canada’s real gross domestic product (GDP) increased 0.6% in November 2021, Statistics Canada announced February 1, lifting GDP 0.2% higher than it was in February 2020 – before the pandemic took its toll on the economy.

This was the sixth consecutive monthly increase.

Gains were seen across almost all sectors, with both services-producing (up 0.6%) and goods-producing industries (up 0.5%) seeing growth.

The report comes before the surge in Omicron cases in December, but StatsCan says it appears that so far, real GDP for December will likely be unchanged.

Douglas Porter, chief economist at BMO Economics, said the 0.6% increase was higher than anticipated growth of 0.3%.

“The sturdy growth in the days just prior to the spread of Omicron show, yet again, how the Canadian economy can rebound forcefully when it is allowed to re-open,” Porter said in a note to investors February 1. “These results overall are a bit better than expected, with the flash estimate of 6.3% growth for all of Q4 likely best capturing the underlying resiliency late last year…read more.