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Historic GDP gains continue

OTTAWA, Ont. - The freight volumes keep rolling ahead.Gross Domestic Product shot up 0.6 per cent in November, marking the 16th consecutive increase for the Canadian economy and continuing the longest...


LOADS TO GO: Economy is strong.
LOADS TO GO: Economy is strong.

OTTAWA, Ont. – The freight volumes keep rolling ahead.

Gross Domestic Product shot up 0.6 per cent in November, marking the 16th consecutive increase for the Canadian economy and continuing the longest uninterrupted series of gains in over a decade.

“The economy’s strong showing in November followed three months in which economic growth gradually lost momentum, culminating with October’s weak 0.1 advance,” according to Statistics Canada’s report. “A rebound in manufacturing, led by large gains in the electrical and electronic products industry, accounted for 40 per cent of November’s increase.”

Overall, 19 of the 22 major industry groups Statistics Canada monitors, accounting for 95 per cent of total manufacturing production, advanced in November. Lower output was recorded only in the beverage, tobacco and oil refineries industries.

Motor vehicle assembly rose 2.6 per cent in November as producers recovered some of the ground lost over the previous two months. Strong sales demand in the U.S, the destination of most Canadian-built automobiles and a key market for Canadian carriers, will ensure 1999 goes down as a banner year for the automotive industry.

Output of autos and parts was up 19.3 per cent in the first 11 months of the year compared with the same period of 1998. n


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