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

By Staff The Canadian Press

Posted January 29, 2021 10:26 am EST

1 min read

This article is more than 3 years old and some information may not be up to date.

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.

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

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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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