Canadian Economy Grows 0.3% in October, Led by Oil and Gas Sector

Stronger-than-expected growth in October offsets earlier declines, though preliminary November data suggests a slight contraction.

Canada's GDP increased by 0.3% in October, surpassing market expectations and following a revised 0.2% growth in September.
Growth was driven by a 2.4% rise in mining, quarrying, and oil and gas extraction, alongside a 0.3% rebound in manufacturing after four months of decline.
Goods-producing industries saw a 0.9% increase, while services-producing industries recorded a modest 0.1% growth in October.
Real estate and rental and leasing grew by 0.5%, marking its largest monthly increase since January and its sixth consecutive month of gains.
Preliminary data for November indicates a 0.1% GDP contraction, with declines in key sectors such as mining, transportation, and finance partially offset by gains in accommodation and real estate.