Canada economy grows in October and November, seen outweighing Omicron woes

  • Canada's economy likely expanded for the sixth consecutive month in November, after matching expectations in October, official data showed on Thursday, implying the Bank of Canada will stay the course on interest rate hikes, despite the rise of the Omicron variant. 
  • Real gross domestic product rose 0.8% in October from September, in line with analyst estimates, while November GDP was most likely up 0.3%, according to Statistics Canada. It also revised up September's GDP gain to 0.2% from 0.1%. 
  • With November's rise, which is a preliminary estimate, Canada's economy is just 0.1% below pre-pandemic levels, Statscan said. The gains also imply fourth-quarter GDP will be stronger than Bank of Canada forecasts, analysts said.

(Source: Investing.com)