The Canadian Statistics Bureau subscribed to a 0.2 % reduction in the Canadian economy on Friday, with a maximum monthly contraction since December 2023.
This shrinking has been led to a decrease in production, especially in October, to increase the amount of money, extraction, and transportation of oil sand, and transportation.
Overall, 13 out of 20 sector contracted, causing a wide decrease in November. Most of the sector was reduced due to inland transportation and the suspension of work at the port.
The service production industry has signed a 0.1 % contract, and transport and warehouses have led a decrease of 1.3 % contraction, resulting in the largest decrease in two years. Statscan said that it was led by post office work and a port at a port.
In the product production industry, the extraction of mining and stones, petroleum and gas has decreased by 1.6 %.
The analysts voted by Reuters estimated that GDP would decrease by 0.1 % in November, and foresee Bounceback in December.
Preliminary estimates show that GDP is likely to rebound 0.2 % in December. The statistical bureau states that this is based on an increase in retail, manufacturing, and construction.
The value in December will be announced next month, when Statscan will also publish economic growth in the fourth quarter.
According to the first estimation, the GDP in the fourth quarter of the year may be 1.8 %, or the latest forecasts released this week may be the same as what Canadian banks predicted.
Central banks are concerned about picking up economic activities, despite the reduction in interest rates several times. Since June, the rate of reducing the cumulative 200 Basis points has been reduced to 3 percent.
After a 25 -base cut cut this week, the Canadian Bank Governor Tiff McLem said that the bank was growing, but the bank wanted to maintain it.
Banks predicted the GDP growth rate in 2025 to 1.8 %, especially from 2.1 %, which was led by the declining population this year.
If the US President Donald Trump decides to pierce 25 % of customs duties in Canadian imports, the growth forecast value may be even more dented.
