Canada’s economy stabilized in October
Declines in manufacturing, utilities and retail trade were offsite by an uptick in resources
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OTTAWA—Canada’s economy was leveled off in October as gains in the resource sector helped offset declines in factory production and consumer spending.
Statistics Canada says the country’s gross domestic product was unchanged, after falling 0.5 per cent in September. It says gains in resource industries and the public sector were offset by declines in manufacturing, utilities and retail trade.
Commodity-based industries including mining, quarrying and oil and gas extraction posted slight gains after major declines in September, and the public sector grew slightly.
That was offset by declines in manufacturing, utilities and retail trade.
Mining, quarrying, and oil and gas extraction rebounded in October, rising 0.7 per cent after falling 4.7 per cent in September. The use of non-conventional sources of oil such as the Alberta oil sands rose 0.8 per cent after a 10.6 per cent decrease in the previous month.
The finance and insurance sector declined for a third consecutive month, falling 0.1 per cent despite a gains in financial investment services.