Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Sunday, March 16, 2025

Statistics Canada stories actual GDP grew 0.3% in October

The company says the expansion got here as services-producing industries grew 0.1% for the month, marking the fifth straight month of will increase. 

In the meantime, after 4 consecutive month-to-month declines, goods-producing industries rose 0.9%.

Mining, quarrying, and oil and gasoline extraction rose 2.4% in October with all three subsectors rising. Oil and gasoline extraction was the biggest contributor, growing 3.1%.

Manufacturing rose 0.3% within the month, following 4 consecutive month-to-month declines, pushed by a rise in non-durable items manufacturing.

CIBC senior economist Andrew Grantham known as the economic systemโ€™s October features โ€œa larger-than-expected stride ahead,โ€ because the outcomes have been barely above consensus estimates. However he famous early proof for November suggests โ€œit stumbled once more in that month.โ€

Statistics Canadaโ€™s early estimate for November suggests actual GDP for the month edged 0.1% decrease, as decreases in mining, quarrying, and oil and gasoline extraction, transportation and warehousing, and finance and insurance coverage have been partially offset by will increase in lodging and meals providers and actual property and rental and leasing.

โ€œBy means of that month-to-month volatility, This autumn GDP continues to be monitoring barely beneath the Financial institution of Canadaโ€™s (financial coverage report) projection and beneath the economic systemโ€™s long-run potential,โ€ Grantham stated in a notice.

Due to that, he stated the central financial institution will doubtless lower its key coverage rate of interest by a quarter-percentage level at its subsequent assembly in January, relatively than the half-percentage-point cuts it has made in its final two choices.

โ€œWhereas there may be proof that interest-rate delicate areas of the economic system (i.e. actual property, retail gross sales) have already strengthened because the BoC has lowered charges, additional rate of interest reduction shall be wanted within the New 12 months to assist shut the output hole,โ€ he stated.

Actual property and rental and leasing elevated 0.5%, recording its sixth straight month-to-month improve and the biggest since January. That got here as nationwide house gross sales elevated within the month, largely pushed by increased exercise in markets such because the Larger Toronto and Larger Vancouver areas.

The business noticed probably the most month-to-month exercise since April 2022.

In the meantime, the development sector grew 0.4% in October, pushed by non-residential constructing building.

Wholesale commerce was up for a second consecutive month, posting 0.5% development. Constructing materials and provides was one of the crucial vital contributors to the sectorโ€™s development, pushed by a rise in lumber, plywood and millwork service provider wholesalers.

Canadian Chamber of Commerce senior economist Andrew DiCapua stated heโ€™s anticipating GDP development within the fourth quarter of shut to 2 per cent.

โ€œIf this momentum holds, it might affect the Financial institution of Canadaโ€™s January choice โ€” probably slowing the tempo of fee cuts within the new 12 months,โ€ he stated in an announcement.

โ€œThat stated, we stay pessimistic in regards to the challenges forward, with tariffs, decreased immigration targets, and elevated uncertainty clouding the outlook for companies. Nonetheless, itโ€™s encouraging to see the economic system posting a remaining GDP information level for the 12 months on strong floor.โ€

This report by The Canadian Press was first printed Dec. 23, 2024.

Visited 289 instances, 289 go to(s) right this moment

Final modified: December 23, 2024

Stay Tune With Fin Tips

SUBSCRIBE TO OUR NEWSLETTER AND SAVE 10% NEXT TIME YOU DINE IN

We donโ€™t spam! Read our privacy policy for more inf

Related Articles

Latest Articles