Canada's economy grew 0.3 percent in October, data from Canada said in its monthly GDP release, boosted by mining, quarrying, and oil and gas extraction, following a 0.2 percent increase in September.
The agency said the increase was a 0.1 percent month-on-month increase in service-producing industries. After four consecutive monthly declines, goods-producing industries rose 0.9 percent.
Mining, quarrying, and oil and gas exports rose 2.4 percent in October, with all three subsectors growing. Output rose 0.3 percent in the month, after four consecutive monthly declines.
Real estate and rents and leases rose 0.5 percent, their sixth consecutive monthly increase and the biggest on record since January.
“The Canadian economy is picking up steam as we wrap up the year, and we expect growth of close to two per cent in the fourth quarter,” Andrew DeCapua, senior economist at the Canadian Chamber of Commerce, wrote in a note to clients. .
DiCapua noted that production rebounded in October, while oil and gas exports rose ahead of possible tariffs against Canada by the incoming US administration.
“If this momentum continues, it could influence the Bank of Canada's January decision — possibly slowing the pace of rate cuts in the new year,” DiCapua wrote.
“That said, we remain pessimistic about the challenges ahead, with tariffs, low immigration targets and uncertainty clouding the outlook for businesses.”
Statistics Canada's preliminary estimate for November suggests real GDP was down 0.1 per cent for the month due to declines in mining, quarrying, and oil and gas extraction, transportation and warehousing, and finance and insurance, partly due to increases in housing and food services. Real estate and rent and lease.
