Canada's economy grew 0.4% in November

Canada's gross domestic product grew by 0.4 per cent in November, Statistics Canada said Friday.

It was the third consecutive monthly increase, following small gains in September and October.

The gains were broad-based, as most major industrial groups increased their production.

"Suddenly, the Bank of Canadas Q4 growth estimate of 3.3 per cent looks positively modest GDP has now risen at afive per centannualized clip over the past three months," BMO economist Doug Porter said Friday.

Goods-producing industries moderately outpaced the service sector; the former grew 0.6 per cent, while the latter expanded by 0.4 per cent.

"Leadership from[goods-producing] industries is typical for this early stage of an expansion," CIBC chief economist Avery Shenfeld noted on Friday.

Mining and oil and gas extraction, and wholesale trade accounted for about60 per centof the overall growth.

The finance and insurance sector was also a source of strength, growing 1.2 per cent.

Construction activity rose1.1 per centduring the month,the fourth consecutive monthly increase.

Following a 0.1 per cent gain in October, the manufacturing sector was largely unchanged.

"This is one of the most convincing signs so far that the Canadian recovery is for real," Porter said.