Canada’s Economy Tops October Growth Forecast; Contraction Seen in November

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto, on Jan. 23, 2015. Reuters/Mark Blinch

OTTAWA—Canada’s economy exceeded market expectations with 0.3 percent growth in October, led by increases in oil and gas extraction and manufacturing, but gross domestic product likely contracted in November, data showed on Monday.

Analysts polled by Reuters had forecast a 0.2 percent month-over-month rise in October. September’s growth rate was upwardly revised to 0.2 percent from an initial report of 0.1 percent, Statistics Canada (Statscan) data showed.