Statistics
Canada announced on Thursday that the Canadian gross domestic product (GDP) expanded
0.8 percent m-o-m in October, following an upwardly revised 0.2 percent m-o-m growth
(from +0.1 percent m-o-m) in September.
This
represented the largest monthly advance since June (+0.8 percent m-o-m) and was in line with economists’
forecast.
In
y-o-y terms, the Canadian GDP grew 3.8 percent in October.
According
to the report, both goods-producing (+1.6 percent m-o-m) and services-producing
(+0.6 percent m-o-m) businesses supported the October advance.
Overall,
17 of the 20 industrial sectors recorded increases, led by arts, entertainment
and recreation (+7.1 percent m-o-m), agriculture, forestry, fishing and hunting
(+2.3 percent m-o-m), and manufacturing (+1.8 percent m-o-m). Meanwhile, management
of companies and enterprises (-1.6 percent m-o-m), public administration (-0.7
percent m-o-m), and accommodation and food services (-0.5 percent m-o-m) posted
declines.
It
was also reported that preliminary data indicates a 0.3 percent m-o-m expansion in
real GDP in November.