08:59 AM EST, 01/31/2025 (MT Newswires) -- Canadian monthly real gross domestic product fell 0.2% in November, one tick below the consensus expectation, said Desjardins.

The weakness reported Friday was fairly broad-based, with declines in the oil and natural gas sector, utilities, and transportation and warehousing being the main drags, noted the bank. Labor disputes at the ports of Montreal and Vancouver coupled with the Canada Post strike weighed on growth over the month.

These are clearly temporary factors, but GDP growth would have been weaker were it not for Taylor Swift's Eras Tour, stated Desjardins.

Statistics Canada's flash estimate for December showed that real GDP likely rebounded 0.2% month over month. That rebound appears to be led by retail trade, manufacturing and construction.

Desjardins is tracking roughly 2% growth for Q4 2024, in line with the Bank of Canada's recent estimate, an acceleration from the weak print the prior quarter.

All of that momentum could be halted this weekend if United States President Donald Trump goes ahead with 25% tariffs on Canadian exports, added the bank. The market reaction has been limited as market participants are awaiting clarity on trade policy.