Canadian Economy Grew Slightly in October

The Canadian economy grew by 0.2 percent in October following a 0.1 percent decrease in September.
Canadian Economy Grew Slightly in October
12/23/2010
Updated:
12/23/2010
[xtypo_dropcap]T[/xtypo_dropcap]he Canadian economy grew by 0.2 percent in October following a 0.1 percent decrease in September, according to a report released by Statistics Canada, Thursday, Dec. 23.

In its monthly Gross Domestic Product report, Statistics Canada cited mining industry, and oil and gas extraction as main contributors to the growth; while real estate agents and brokers, the public sector, wholesale trade, and transportation also added to the gains.

“Conversely, manufacturing, construction, utilities, retail trade as well as the finance and insurance sectors retreated,” Statistics Canada said.

The mining industry, and oil and gas extraction rose 2.4 percent in October, with most of the gains coming from natural gas. Favorable weather conditions gave industries for the oil and gas extraction business a 9.9 percent boost after poor September weather slowed down projects.

On the other hand, manufacturing decreased 0.6 percent in October. Non-durable goods dropped 2.3 percent, but auto makers somewhat offset that by increasing production.

“On the whole, manufacturers reduced their inventories in October to help meet demand,” Statistics Canada said.