Real GDP grew 0.3% in October: Statistics Canada
The Canadian economy grew 0.3% in October, according to the latest GDP figures from Statistics Canada. The increase, led mainly by improvements in the energy and resources sectors, followed a 0.2% increase in September.
Oil and gas extraction, quarrying and mining rose 2.4% in October.
Goods-producing industries rose 0.9%, again after four consecutive months of decline.
The manufacturing sector grew 0.3%, also after four months of decline. The real estate and rental sector posted a 0.5% gain, its biggest gain since last January, despite a six-month stretch.
Despite the economic upturn, Statistics Canada says early indicators suggest the upturn may be short-lived.
"Preliminary information shows that real GDP declined by 0.1% in November," the statistics agency said in its analysis. "Declines in mining, quarrying and oil and gas extraction, transportation and warehousing, and finance and insurance were partially offset by increases in accommodation and hospitality services and in real estate and rental and leasing."
November data will be released in January.
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