Statistics Canada reports real GDP grew 0.3 per cent in October

Statistics Canada says the economy grew 0.3 per cent in October, helped by strength in the mining, quarrying, and oil and gas extraction sector, following a 0.2 per cent increase in September.

Statistics Canada says the economy grew 0.3 per cent in October, helped by strength in the mining, quarrying, and oil and gas extraction sector, following a 0.2 per cent increase in September.

The agency says the growth came as services-producing industries grew 0.1 per cent for the month. After four consecutive monthly declines, goods-producing industries rose 0.9 per cent.

Mining, quarrying, and oil and gas extraction rose 2.4 per cent in October with all three subsectors rising.

Manufacturing rose 0.3 per cent in the month, following four consecutive monthly declines.

Real estate and rental and leasing increased 0.5 per cent, recording its sixth straight monthly increase and the largest since January.

Statistics Canada's early estimate for November suggests real GDP for the month edged 0.1 per cent lower, as decreases in mining, quarrying, and oil and gas extraction, transportation and warehousing, and finance and insurance were partially offset by increases in accommodation and food services and real estate and rental and leasing.

This report by The Canadian Press was first published Dec. 23, 2024.