Canada registers 0.2 GDP growth rate in October

Ottawa, Ontario, Canada (AHN) – Canada on Thursday registered a 0.2 percent increase in its gross domestic product in October. The growth followed a 0.1 percent contraction the previous month.

Statistics Canada said the October expansion was because of a 2.4 percent rise in mining and oil and gas industries. The real estate, wholesale trade and transportation industries, and the public sector also enjoyed some growth.

However, manufacturing dipped by 0.6 percent and production of non-durable goods slipped by 2.3 percent. Other sectors that suffered contractions were construction, utilities, retail trade, finance and insurance.

The 0.2 economic expansion was slightly less than economists’ forecast of a 0.3 percent rise. Despite the modest growth, economists said the trend indicates a slowdown in the Canadian economy in the medium-term.

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