Real gross domestic product (GDP) rose 0.6% in November, marking the sixth straight monthly expansion and bringing the level of real GDP 0.2% above its February 2020 level, prior to the COVID-19 pandemic, according to a report released by Statistics Canada today.
Advance information indicates that real GDP for December was essentially unchanged, which means the Canadian economy closed out the second half of 2021 on a high note and has rebounded from the initial impact of Covid restrictions. Advance information for real GDP by industry indicates a 1.6% uptick in the fourth quarter of 2021 and a rebound of 4.9% in the year following the pandemic-induced decline observed in 2020
Widespread increases in the economy were led by a manufacturing bounce back. The manufacturing sector grew 1.4% in November, the third increase in four months, driven by broad-based growth as both durable-goods and non-durable goods manufacturing were up.
Durable-goods manufacturing rose 1.8% as 7 of 10 subsectors grew in November. Transportation equipment manufacturing (+3.6%) led the growth with the majority of industries up. Increased output at a number of assembly plants, and a restart after a lengthy delay at others, contributed to the growth in motor vehicle (+9.2%) and motor vehicle parts (+6.4%) manufacturing. Miscellaneous manufacturing (+5.6%) and non-metallic mineral product manufacturing (+4.0%) were up, while computer and electronic products manufacturing (-1.7%) and machinery manufacturing (-0.6%) offset some of the growth
