Historic GDP gains continue

Avatar photo

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

Avatar photo

Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry.

Have your say

This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.