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Statistics Canada says economy grew 0.7% in November

Last Updated Jan 29, 2021 at 5:59 am PDT

FILE - Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA — Statistics Canada says the economy grew 0.7 per cent in November.

The gains in November was the seventh straight month of gains after steep drops in March and April.

It also came with the backdrop of positive news about vaccines.

The agency also says its preliminary estimate for December shows growth of 0.3 per cent, even as much of the country headed into heavy restrictions to slow the spread of COVID-19.

Related article: Economy grew 0.4 per cent in October

The preliminary estimate for the fourth quarter shows an annualized growth rate of 7.8 per cent.

For the full year, Statistic Canada’s preliminary estimate shows the economy contracted by 5.1 per cent.