OTTAWA (Reuters) - Canada’s economy grew faster than expected in November, rising 0.3 percent after a tepid 0.1 percent rise in October and no gain in September, Statistics Canada said on Thursday.
The median forecast in a Reuters survey of economists was for a 0.2 percent rise, though eight of 21 analysts did predict an increase of at least 0.3 percent. Taken to the second decimal place, the rise was 0.28 percent. The data is adjusted for seasonal factors such as Christmas shopping.
The number improves the outlook for the fourth quarter, which economists had repeatedly downgraded after a relatively strong first half of 2012. The Bank of Canada this month predicted annualized fourth quarter growth of 1.0 percent.
“Most major industrial sectors increased production in November,” Statscan said. Manufacturing was up 0.7 percent after a 0.9 percent decline in October. Oil and gas extraction grew 0.8 percent, with crude rising and natural gas declining.
Reporting by Randall Palmer; Editing by Alex Paterson and Chizu Nomiyama