Economic growth stronger than expected in October
OTTAWA — Oil and gas extraction and mining helped push Canada’s gross domestic product up by 0.3 per cent in October, which was above expectations.
Statistics Canada says the growth was broad-based, affecting several major sectors of the economy — especially oil and gas extraction and mining.
Economists had estimated the Canadian economy would grow by 0.1 per cent during the month, following September’s growth of 0.4 per cent.
The government agency says goods production in October was up 0.4 per cent from September while output from service industries rose 0.3 per cent.
The oil and gas extraction sector grew 1.5 per cent in October, on top of a 3.6 per cent increase in September. Mining and quarrying also rose by 1.5 per cent, with advances in potash more than offsetting declines in copper, nickel, lead and zinc.
Among the sectors showing declines in October was wholesale trade, which declined 0.2 per cent from while retail trade was flat overall in October compared with the previous month.
There was also a 1.8 per cent decline in the utilities industry as demand for electricity and natural gas fell, while the agriculture and forestry sector decreased 1.4 per cent — mainly because of lower crop production.
TORONTO STAR | BUSINESS