UPDATE - Canada's economy expanded 0.2% in November 2023 after remaining unchanged for 3 months

ADDS ADVANCED ESTIMATE FIGURES

By Ovunc Kutlu

ISTANBUL (AA) - Canada's economy expanded 0.2% in November 2023 after remaining unchanged for three consecutive months, the country's statistical body said Wednesday.

The market expectation for real gross domestic product (GDP) was to show an increase of 0.1% on a monthly basis.

The majority of the growth in November came from goods producing industries with a gain of 0.6% -- the highest growth rate since January 2023, according to Statistics Canada.

"Services-producing industries edged up 0.1% in November 2023 despite the impact of the strikes in the Quebec public sector that began in the month," it said in a statement. "Overall, 13 of 20 industrial sectors increased in November."

The agency said the manufacturing sector expanded 0.9% in November, while durable goods manufacturing posted a 0.6% gain, partially offsetting the decline in October as seven of 10 subsectors contributed to the growth.

Wholesale trade rebounded in November with an increase of 0.7%, as six of nine subsectors grew. Transportation and warehousing also bounced back with a rise of 0.8%, following a decline in the previous month.

The educational services sector, on the other hand, contracted 0.3%, recording its first decline since June 2023, "as strikes by Quebec workers in the sector began in November," according to the statement.

Statistics Canada said advance data indicates that real GDP increased 0.3% in December, noting that the estimate will be updated Feb. 29.

Based on the advance estimate, Canada's economy expanded 0.3% in the fourth quarter and 1.5% in 2023 as a whole, it said.

"Increases in manufacturing, real estate and rental and leasing, and mining, quarrying and oil and gas extraction were partially offset by decreases in transportation and warehousing, construction, and educational services," said the statement.