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Economy grows in November


Canada's economy expanded 0.4 percent in November for the strongest gain since March 2010, thanks to oil and gas extraction, Statistics Canada said Monday.

Analysts polled by Reuters had expected gross domestic product to climb by 0.3 percent after a 0.2-percent gain in October.

Oil and gas extraction grew 2.4 percent from October, due to higher synthetic crude petroleum production after maintenance to upgraders. Natural gas production was unchanged.

Manufacturing decreased by 0.8 percent as a result of temporary plant shutdowns in vehicle assembly and shift reductions in the motor parts industry. The manufacturing sector has been struggling with the strong Canadian dollar and anemic U.S. demand.

The construction sector contracted 0.4 percent on reduced residential demand, but the home resale market grew with a 7.6-percent gain in the output of real estate agents and brokers.

Wholesale trade grew by 1.5 percent, while the retail sector rose by 1.4 percent. The finance and insurance sector added 0.7 percent. CTV Two CTV News CTV News Channel BNN - Business News Network CP24