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Canadian GDP rose 0.7% in Q3

December 01, 2014

Canadian real gross domestic product rose 0.7 percent in the third quarter following a gain of 0.9 percent in the second quarter, Statistics Canada reported Friday.

Main contributors to GDP growth were exports of goods and household final consumption expenditure.

Expressed at an annualized rate, real GDP expanded 2.8 percent in the third quarter. By comparison, real GDP in the US rose 3.9 percent.

Separately, the RBC Canadian manufacturing purchasing managers’ index was at a level of 55.3 in November, unchanged from October’s reading, which marked an 11-month high.

“The latest RBC PMI data shows continued strength in the manufacturing sector led by increases in output and employment,” said Craig Wright, senior VP and chief economist at RBC. “New export orders recorded a strong jump in the month, pointing to continued support from a stronger US economy and a more competitive Canadian dollar.”