UPDATE 1-Canada’s economy picks up speed in November

* Growth exceeds expectations in November

* Mining, oil and gas extraction lead the gains

(Adds details)

OTTAWA, Jan 29 (BestGrowthStock) – Canada’s economy grew for the
third straight month in November on strength in oil and gas
extraction and wholesale trade, putting it on track for robust
fourth-quarter growth, according to Statistics Canada data
released on Friday.

Gross domestic product advanced 0.4 percent in the month,
beating the market estimate of a 0.2 percent gain. On a
year-over-year basis, GDP shrank by 1.7 percent.

Statscan revised its October and September figures for
growth upward by one-tenth of a percentage point each to 0.3
percent and 0.5 percent, respectively. It also revised all of
its monthly figures back to January 2009.

After disappointing third-quarter annualized growth of just
0.4 percent, the Bank of Canada predicted this month the
recovery would gain momentum in the fourth quarter with a 3.3
percent expansion.

In November, goods-producing industries grew 0.6 percent
even though the heavyweight manufacturing sector stagnated. The
mining and oil and gas extraction sector led the gains with a
1.8 percent jump, followed by construction with a 1.1 percent
rise.

The services industry, which had been more resilient during
the recession, advanced 0.4 percent in November. Wholesale
trade jumped 2.4 percent on strength across all major trade
groups, Statscan said.

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(Reporting by Louise Egan; Editing by Theodore d’Afflisio)

UPDATE 1-Canada’s economy picks up speed in November