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January 31, 2025CANADA GDP BY INDUSTRY, NOVEMBER 2024 Month-over-month (November 2024 vs October 2024)
Real Gross Domestic Product (GDP) in Canada declined 0.2% in November following revised growth of 0.3% in October 2024. This was the first monthly decline after seven consecutive monthly increases.
Real GDP in Canada's goods producing industries dropped 0.6% from October to November 2024.
Real GDP in Canada's services-producing industries was down 0.1% from October to November 2024.
In November 2024, 15 industries reported lower real GDP compared to the previous month. Among broad industries, monthly GDP declines were fastest for utilities and management of companies. The largest gains were reported for accommodation/food services and arts/entertainment/recreation.
Year-to-date (January-November 2024 vs January-November 2023)
The Canadian economy was 1.4% larger in January-November 2024 when compared to the same period of 2023.
Real GDP from goods producing industries was down 0.1% while there were gains in resource industries. Both construction (-1.0%) and manufacturing (-3.1%) reported notable declines in real GDP.
Real GDP from services-producing industries was up 2.0% with gains in most industries. The year-to-date real GDP declines were in company management (-31.7%, though this is a small industry) and administrative/support/call centres (-0.6%). The strongest increases were in transportation/warehousing (+3.5%), health/social assistance (+2.9%), and finance/insurance (+2.5%).
Source: Statistics Canada, Table 36-10-0434-01 Gross domestic product (GDP) at basic prices, by industry, monthly (x 1,000,000)
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