Statistics Canada Reports Economy Grew 0.4 Percent in October

Statistics Canada Reports Economy Grew 0.4 Percent in October
Statistics Canada building and signs are pictured in Ottawa on July 3, 2019. (The Canadian Press/Sean Kilpatrick)
The Canadian Press

OTTAWA—Statistics Canada says real gross domestic product grew 0.4 percent in October, its sixth consecutive month of growth.

The increase followed growth of 0.8 percent in September.

Economists had expected an increase of 0.3 percent for October, according to financial data firm Refinitiv.

Both goods-producing and service-producing sectors were up overall in October, but the Statistics Canada report notes declines in manufacturing and food services.

The 0.8 percent decline in manufacturing followed five months of growth and was largely a result of lower inventory, Statistics Canada says.

The 3.9 percent drop in accommodation and food services, marked the second straight month of declines in the sector as the change in weather effectively ended the outdoor dining season.

Activity in the offices of real estate agents and brokers decreased 1.9 percent in October, the agency says, following five months of sharp increases.

Statistics Canada says the areas in and around Toronto and Vancouver contributed the most to the decline in housing resale activity.

Despite the growth, the Canadian economy remains about four percent below where it was prior to the COVID-19 pandemic.

Statistics Canada says its preliminary estimate for November indicates growth of 0.4 percent for the month.