Statistics Canada says financial system grew 0.7 per cent in November

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Statistics Canada says economy grew 0.7 per cent in November

According to OTTAWA – Statistics Canada, the economy grew by 0.7 percent in November.

November earnings were the seventh straight month after falling sharply in March and April.

It also came against the backdrop of positive news about vaccines.

The agency also says its preliminary estimate for December shows 0.3 percent growth, even though much of the country has been severely restricted to slow the spread of COVID-19.

The preliminary estimate for the fourth quarter shows an annualized growth rate of 7.8 percent.

For the full year, the preliminary estimate by Statistic Canada shows that the economy contracted by 5.1 percent.

This report by The Canadian Press was first published on January 29, 2021