Statistics Canada announced on Friday that the country’s gross domestic product (GDP) grew 0.7 percent m-o-m in November, following an unrevised 0.4 percent m-o-m advance in October.

This was above economists’ forecast for a 0.4 percent m-o-m advance and marked the seventh consecutive monthly gain. However, overall economic activity was still about 3 percent below February's pre-pandemic level.

In y-o-y terms, the Canadian GDP fell 2.8 percent in November.

According to the report, both goods-producing (+1.2 percent m-o-m) and services-producing (+0.5 percent m-o-m) industries were up as 14 of 20 industrial sectors posted advances in November.

It was also reported that preliminary data indicates an approximate 0.3 percent m-o-m growth in real GDP for December.