Canadian GDP continues moderate growth in October

Canada’s gross domestic product (GDP) rose 0.4 per cent in October after a 0.8 per cent increase in September, according to official figures.

In its latest update, Statistics Canada on Wednesday said that both goods-producing and services-producing industries rose as 16 of 20 industrial sectors saw increases in October, reports Xinhua news agency.

But the manufacturing and food services posted declines in the month.

The manufacturing service fell 0.8 per cent due to low inventory after five months of growth.

The food service dropped 3.9 per cent, marking the second straight month of declines in the sector as the change in weather effectively ended the outdoor dining season.

Canadian GDP kept growing for the sixth consecutive month in October, offsetting the steepest drops on record in Canadian economic activity due to the impact of the Covid-19 pandemic.

However, Canada’s total economic activity was still about 4 per cent below February’s pre-pandemic level.

Statistics Canada said its preliminary estimate for November GDP is an increase of 0.4 per cent.