Canadian economy grew by 0.1% in October, Statistics Canada says
Posted December 23, 2022 8:02 am.
Last Updated December 23, 2022 8:38 am.
The Canadian economy grew slightly in October with the latest reading on real gross domestic product coming in higher than expected.
Statistics Canada says the economy grew by 0.1 per cent, outperforming its preliminary estimate that real GDP would remain unchanged for the month.
The federal agency says growth in services-producing industries, led by gains in the public sector, wholesale and client-facing sectors, was partially offset by a decline in goods-producing industries.
Statistics Canada says the performing arts, spectator sports and heritage institutions industries grew by 4.7 per cent amid more Toronto Blue Jays games than usual in October and a late start to the NHL pre-season.
The agency says the cool down in the goods-producing industries in October was led by a decrease in mining, quarrying, and oil and gas extraction and weakening in the manufacturing sector.
The initial estimate for November indicates real GDP was essentially unchanged for that month, but the agency cautioned the estimate would be updated next month.
