Canada Monthly GDP MoM

The Canadian GDP expanded by 0.2% from the previous month in December of 2024, with strong support from retail trade, manufacturing, and construction offsetting contractions in transportation and warehousing, real estate, and rental activities, and wholesale trade, according to preliminary estimates. If confirmed, the figure would translate to an annual growth rate of 1.4% in 2024, aligned with expectations from the Bank of Canada. In turn, the GDP contracted by 0.2% from the previous month in November, the first contraction in 11 months, and revised from the preliminary estimate of a 0.1% drop. Goods-producing industries fell by 0.6% amid declines in mining, quarrying, and oil and gas extraction (-1.6%) and utilities (-3.6%). The services-providing industries decreased by 0.1%, with transportation and warehousing being the largest contributor to the decline, mainly due to work stoppages, although gains in real estate and rental and leasing partially offset the drop.