Canada'a November GDP Flat as Goods Weakness Offsets Services Growth

08:49 AM EST, 01/30/2026 (MT Newswires) -- Canadian real gross domestic product was essentially unchanged in November, following a 0.3% month over month decline in October, as contractions in goods-producing industries offset expansions in services-producing industries, said the country's statistical agency on Friday.

November's flat reading was slightly less than the 0.1% consensus month-over-month rise provided by MUFG.

Goods-producing industries declined 0.3% month over month in November, down for the third time in four months, driven by contractions in the manufacturing and agriculture, forestry, fishing and hunting sectors in the month. Services-producing industries edged up 0.1%, with expansions in the retail trade, educational services and transportation and warehousing sectors.

Overall, 10 of the 20 industrial sectors grew in November, noted Statistics Canada in a statement.

StatsCan's advance information indicates that real GDP increased 0.1% month over month in December. Increases in manufacturing and wholesale trade were partially offset by decreases in mining, quarrying, and oil and natural gas extraction.

The manufacturing sector fell 1.3% month over month in November, with decreases in both durable-goods and non-durable-goods manufacturing industries. The wholesale trade sector contracted 2.1% in November, the largest contraction since April 2025.

The retail trade sector expanded 1.3% month over month in November, as all subsectors grew. The public sector aggregate (comprising educational services, health care and social assistance, and public administration) rose 0.4% in November, with educational services (+1.0%) contributing the most to the increase in the aggregate.

Transportation and warehousing rose 0.9% month over month in November, while the agriculture, forestry, fishing and hunting sector declined 1.1% in November.

For Canada, GDP and Income and Expenditure Accounts measure the production of goods and services in the local economy as well as the incomes arising from this production and expenditure on the production. GDP represents the unduplicated value of goods and services produced during the reference period and are available for domestic consumption, investment or export.

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