OTTAWA, Dec 23 (Reuters) – Canada’s economy grew 0.1% in October from September, in line with expectations, with a further 0.1% GDP increase likely in November, according to data from Statistics Canada on Friday showed.
Analysts polled by Reuters had forecast October GDP to rise 0.1% from September.
The service sector gained 0.3%, led by gains in the public sector, wholesale trade and consumer-facing industries, and more than offset a decline in manufacturing, according to Statistics Canada.
The manufacturing industry slipped 0.7% in October after four months of uninterrupted growth, mainly due to a slowdown in mining, quarrying and oil & gas production and a slowdown in manufacturing.
In a preliminary estimate for November, Statistics Canada said GDP was likely to have expanded by 0.1% in November, driven by gains in sectors such as utilities and wholesaling, which are expected to be partially offset by declines in construction, retail and mining .
The Canadian dollar was trading at 1.3610 to the US dollar or 73.48 US cents.
Reporting by Ismail Shakil and Dale Smith in Ottawa. Editing by Jane Merriman
Our standards: The Thomson Reuters Trust Principles.
Comments are closed.