GDP Unchanged in October on Declines in Resource Sectors

Canadian economic growth was flat in October following a 0.2% increase in September.

Real gross domestic product figures released Friday by Statistics Canada also showed the service-producing sector grew by 0.2% in October, while the goods-producing sector fell 0.4% on a decrease in the mining, quarrying and oil and gas extraction sector.

Retail and manufacturing were among the sectors that grew. Just about everything else, however, contracted during the month.

Mining, oil and gas, agriculture and forestry, finance and insurance, construction and utilities all contracted during the month.

Economists had been projecting growth of 0.2% for October. Coming on the heels of a strong inflation report on Thursday, experts say the GDP number will take away some of the incentive for the Bank of Canada to hike its interest rate