UPDATE 1-Oil, gas extraction helps boost Canada's economy in Nov

Fri Jan 29, 2016 8:40am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

OTTAWA Jan 29 (Reuters) - Canadian economic growth edged up in November on an increase in oil and gas extraction and greater wholesale and retail trade, Statistics Canada said on Friday, but the modest improvement still pointed to a fourth quarter that was likely underwhelming.

Gross domestic product rose 0.3 percent for the month, matching economists' expectations.

Oil and gas extraction jumped 2.1 percent, rebounding from a slump in September and little growth in October following production problems and maintenance shutdowns.

Retail trade rose 1.2 percent with gains seen in nearly all of the trade groups, including motor vehicle and parts dealers. The wholesale trade segment rose for the first time in five months, gaining 1.3 percent, helped by increased demand for building materials and supplies.

The overall growth for November comes on the heels of a flat October and a decline in September. Oil-exporting Canada emerged from a mild recession in the third quarter of last year but economists anticipate growth likely stalled again in the final quarter of the year. The Bank of Canada recently forecast no growth for the quarter.

(Reporting by Leah Schnurr; Editing by Bill Trott)