Statistics
Canada revealed on Monday that the Canadian gross domestic product (GDP) increased
0.3 per cent m-o-m in October, following
a downwardly revised 0.2 per cent m-o-m advance (from +0.3
per cent m-o-m) in the previous month. This
marked the strongest monthly increase in Canada’s GDP since April (+0.4 per
cent m-o-m). Economists had anticipated a 0.1 per cent m-o-m uptick in October.
In y-o-y terms,
the Canadian GDP grew 1.9 per cent in October.
According to
the report, both goods-producing (+0.9 per cent m-o-m) and services-producing
(+0.1 per cent m-o-m) businesses underpinned the October expansion.
Overall, 12 of the 20
industrial sectors posted increases in the reviewed period, led by mining,
quarrying, and oil and gas extraction (+2.4 per cent m-o-m), accommodation and
food services (+0.7 per cent m-o-m), real estate, and rental and leasing (+0.5
per cent m-o-m), and wholesale trade (+0.5 per cent m-o-m). Meanwhile, management
of companies and enterprises (-5.0 per cent m-o-m), and information and cultural industries (-0.6
per cent m-o-m), registered the biggest decreases.
It was also noted
that preliminary data indicates that real GDP edged down 0.1 per cent m-o-m in November,
reflecting declines in mining, quarrying, and oil and gas extraction,
transportation and warehousing, and finance and insurance that were partially
offset by gains in accommodation and food services, and real estate and rental
and leasing.