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Canada’s GDP grew 0.7% in November, topping expectations

Click to play video: 'Freeland says consultations launched to help rebuild Canada’s economy post-COVID-19' Freeland says consultations launched to help rebuild Canada’s economy post-COVID-19
Canadian Deputy Prime Minister Chrystia Freeland on Monday said the federal government is launching consultations to help “inform and guide” the country’s economic growth plan. Freeland outlined the need to rebuild Canada’s economy even stronger than before the coronavirus pandemic, and added this task must be done for it to be “more innovative and more competitive than ever,” especially since the pandemic has “exposed critical gaps” in Canada’s social safety net. – Jan 25, 2021

The gains in November was the seventh straight month of gains after steep drops in March and April.

It also came with the backdrop of positive news about vaccines.

READ MORE: IMF slashes Canada’s economic outlook, but boosts global growth forecast for 2021

The agency also says its preliminary estimate for December shows growth of 0.3 per cent, even as much of the country headed into heavy restrictions to slow the spread of COVID-19.

The preliminary estimate for the fourth quarter shows an annualized growth rate of 7.8 per cent.

For the full year, Statistic Canada’s preliminary estimate shows the economy contracted by 5.1 per cent.

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