CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

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CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

Canadian manufacturing GDP increased in November and December

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Based on November's GDP totals and an advance estimate for December, Statistics Canada reports the Canadian economy expanded 0.3% in the fourth quarter and 1.5% in 2023 as a whole. PHOTO courtesy BLM.

Canadian manufacturing GDP rose 0.9% in November, surpassing the 0.2% growth in GDP shown by the Canadian economy overall for the month, Statistics Canada reports.

Durable goods manufacturing posted a 0.6% increase in November, partially offsetting the decline observed in October, with 7 of 10 subsectors contributing to the growth. Primary metal manufacturing (+3.8%) led the increase, recording its largest growth rate since August 2020, in large part due to recovery from factory shutdowns that occurred in October 2023. Machinery manufacturing (+1.7%) rose for the fourth time in five months in November, led by commercial and service industry machinery manufacturing (+13.0%) and coinciding with an increase in exports in the month.

Advance information indicates that real GDP also increased 0.3% in December, partly on the strength of another increase in manufacturing GDP. Owing to its preliminary nature, this Statistics Canada estimate will be updated on February 29, 2024, with the release of the official GDP by industry data for December 2023.

With this advance estimate for December, information on real GDP by industry suggests that the economy expanded 0.3% in the fourth quarter and 1.5% in 2023 as a whole. The official estimates for the fourth quarter and the year will be available on February 29, 2024, when the official estimate of real GDP by income and expenditure is released.

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