The economy of Canada grew faster than expected in November, with gross domestic product (GDP) rising 0.3 percent after a weak 0.1 percent advance in October and no gain in September, Statistics Canada (Statscan) said Thursday. "Most major industrial sectors increased production in November," Statscan said in Ottawa. Manufacturing was up 0.7 percent after a 0.9 percent decline the previous month. Oil and natural-gas extraction grew 0.8 percent, with crude rising and natural gas declining. The November GDP report improves the outlook for the fourth quarter, which economists had repeatedly downgraded after a relatively strong first half of 2012. The Bank of Canada this month forecast annualized fourth-quarter growth of 1.0 percent. In a second report, Statscan said industrial product prices were unchanged in December, partly because of a stronger Canadian dollar, while cheaper crude oil helped push raw-materials prices down by 2.0 percent. Excluding the appreciation of 0.7 percent in the Canadian dollar last month, industrial prices would have risen 0.2 percent. Primary metal and lumber products rose, while vehicle prices fell, largely because of the stronger currency. Statscan said the decline in raw-materials prices was almost entirely attributable to lower mineral fuel prices, specifically crude oil, which fell 5.9 percent. Excluding mineral fuels, the category rose by 0.9 percent.
