Real GDP grew 0.3% in October: Statistics Canada

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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