The Canadian economy contracted by 0.2 per cent in November, the largest monthly decline in nearly two years, Statistics Canada said on Friday. Despite the monthly contraction, an early flash estimate for December indicated the economy grew by 0.

The country's gross domestic product shrunk by 0.2% in November on a monthly basis from a 0.3% rise in October, led by contraction in mining, quarrying, oil sands extraction and transportation, Statistics Canada said. Analysts polled by Reuters had estimated the GDP to drop by 0.1% in November and economists foresee a bounce-back in December.