Monday, January 31, 2011

Canada has carbide oil and gas in November

The month of November was better than expected for the Canadian economy, which relied on oil and gas to propel themselves.
According to data released this morning by Statistics Canada, Gross Domestic Product (GDP) grew 0.4% in November compared to October.The consensus of analysts expected a growth of 0.3%.The federal agency says that oil and gas industries (2.4%) explain much of the monthly increase, thanks to increased production of synthetic crude oil.

Wholesale trade (1.5%) also contributed to the economic strength with increased sales of machinery and equipment, agricultural products and construction materials.

Retail sales (1.4%) also firmed through clothing stores, dealers of new cars and grocery stores.

The sector of finance and insurance is recovering thanks to a monthly gain of 0.7% in November.

However, manufacturing has experienced a decline of 0.8%, partly because of car assembly plants have shut down temporarily to retool.

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