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Ottawa, Jan 31 (Canadian-Media): After Canada's economy's surprise decline in October, largely due by higher utility costs, it rebounded with 0.1 percent increase of Gross Domestic Product (GDP) in November, Statistics Canada data reported on Friday.
Statistics Canada. Image credit: Twitter handle
Statistics Canada, a federal government agency, formed in 1971 and headquartered in Ottawa, provides statistics to Canadians to better understand Canada, its population, resources, economy, society, and culture and enabling them to make informed decisions.
GDP is the quantitative measure of a nation's total economic activity and is representative of the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time.
November's GDP growth in Canada Chart. Image credit: Statistics Canada.
Contrary to the forecast by analysts in a Reuters polls that there would be no change after an unexpected 0.1 percent decline in October, 15 of the 20 industrial sectors tracked by Stats Canada reported 0.1 percent gain in goods-producing industries and the services sectors.
The jump of 2.1 percent utilities in November, the largest gain in more than a year, said Statistics Canada , was due to the unseasonably cold weather in central Canada.
November's GDP gain also comes despite the decline of mining, quarrying and oil and gas extraction by 1.4 percent, and potash mining decline by 18.2 percent.