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Canadian Economy Performed Well in November
The global economy started weakening again in Autumn, after a strong rebound in summer, although in north America the economy is keeping up the pace. The Canadian economy was expected to remain steady at 0.4% in November, but came at 0.7%, while the US economy is also expanding at a decent pace, which contradicts what we are seeing in Europe. The PPI prices also moved higher that month.
Canadian November 2020 monthly GDP
- November GDP MoM +0.7% vs +0.4% expected
- December GDP MoM was +0.4%
- GDP YoY -2.8% vs -3.2% expected
- Seventh consecutive monthly gain
- Goods producing MoM +1.2%
- Services producing MoM +0.5%
- Preliminary December GDP +0.3%
- Preliminary Q4 GDP +1.9%
- Preliminary 2020 GDP -5.1%
That’s a decent result on GDP. I think the December headlines here matter more than the overall numbers. Canada has had one of the better outcomes in 2020, due in part to massive government spending. The IMF estimate this week was for Canadian 2020 GDP at -5.5% and the economist consensus is -5.6%.
Separately, the PPI report was out:
- Industrial product prices MoM +1.5% vs +1.4% exp
- Raw materials price index MoM +3.5% vs +2.5% exp
That’s a hefty month-over-month rise.
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