The 0.4% increase bodes well for small business growth
Canadian small business growth may arrive sooner than expected if the country's gross domestic product keeps up its improved performance, as seen in the latest report from Statistics Canada.
Statistics Canada reported Friday that real GDP rose by 0.4 percent in November 2009, marking the third consecutive month of increases.
The increase was largely due to improved performance in goods producing industries, whose GDP also grew for the third month in a row - this time by 0.6 percent. The services sector saw a GDP increase of 0.4 percent, led by mining and oil and gas extraction, as well as wholesale trade.
Statistics Canada also noted that the finance and insurance, construction, and public sector all experienced growth, while retail trade and utilities declined and the manufacturing sector held steady.
"This is one of the most convincing signs that the recovery is for real," Douglas Porter, deputy chief economist at Toronto-based BMO Nesbitt Burns, told the Globe and Mail. "The Canadian economy does indeed appear to be gathering momentum.''
Meanwhile, the U.S. saw its real GDP increase by 5.7 percent in the fourth quarter of 2009, the Department of Commerce reported on Friday. This could bode well for any Canadian small business with a U.S. presence.
