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Economy Grows in October

These days, there are few evidences of silver lining behind the cloud called omicron, but one bit of proof lies in advances made in the Canadian economy this past fall.

Figures released Thursday by Statistics Canada showed real gross domestic product increased by 0.8% in October.

The showing matched the agency's preliminary estimate released last month, as well as analysts' expectations.

Gains for the month were seen across most sectors, including manufacturing, whose rebound of 1.8% in October more than offset a September contraction.

Driving that sector was output related to auto manufacturing, despite what the statistics office notes is an ongoing shortage of semiconductor chips, among other supply-chain issues hampering consistent production.

Also helping in October were gains in retail trade, construction and home resale activity. The arts and entertainment sector was also up in October, helped by larger capacity limits for audiences.

The nation's number crunchers say total economic activity in October was 0.4% below pre-pandemic levels recorded in February 2020.

The economy appears to have inched closer to closing that gap, as StatsCan says preliminary data for November suggests a rise in GDP of 0.3% for the month.

With Thursday's preliminary estimate, Statistics Canada says total economic activity in November was 0.1% below pre-pandemic levels recorded in February 2020.