Mining, oil and gas fuel GDP growth: StatsCan
Auto production up, but manufacturing takes hit
OTTAWA: The Canadian economy grew 0.2 per cent in October mostly due to the extraction of natural resources, according to Statistics Canada.
After falling 0.1 per cent in September, Canada’s GDP was back on the rise with gains across sectors such as wholesale trade, real estate and transportation.
Mining and oil and gas extraction climbed by 2.4 per cent. With that growth, support activities for those industries rebounded by 9.9 per cent. Pipeline transportation increased as well.
The report also noted that following the end of labour disputes, production at copper, nickel, lead and zinc mines returned to spring 2009 levels.
Canada’s manufacturing sector fell by 0.6 per cent as makers of non-durable goods cut back production by 2.3 per cent.
There were also decreases in food and beverage product manufacturing and refinery output.
Meanwhile, vehicles and parts manufacturers increased production. So did makers of durable goods.
As the result of higher wholesaling activity of motor vehicles and parts and personal and household goods, wholesale trade grew 0.5 per cent.
Overall, manufacturers used existing inventory in October to meet demand.