Canada’s economy was essentially unchanged for the third consecutive month in October, missing growth forecasts, but gross domestic product likely edged up in November, Statistics Canada data showed on Friday.
Given how much of the inflation was driven by profit maximization and supply chain breakdown, it’s nice to see that BoC’s interest policy hasn’t been able to create a recession yet.
This is the best summary I could come up with:
In a preliminary estimate for November, StatsCan said GDP was likely up 0.1 per cent, helped by increases in manufacturing, transportation and warehousing, and agriculture, forestry, fishing and hunting.
Economic growth is stuttering under the impact of the Bank of Canada’s 10 rate hikes between March 2022 and July.
A strike along the St. Lawrence Seaway also impacted GDP, with the transportation and warehousing sector posting a 0.2 per cent decline.
The declines offset gains in sectors including retail trade, which recorded its largest growth rate since January.
Data this week showed Canada’s annual inflation rate unexpectedly held steady at 3.1 per cent in November.
Inflation has cooled from a peak of 8.1 per cent last year, but has remained above the central bank’s target since early 2021.
The original article contains 352 words, the summary contains 126 words. Saved 64%. I’m a bot and I’m open source!
