Statistics Canada announced that Canada's real gross domestic product (GDP) decreased 0.3% in October, offsetting a 0.2% increase in September, driven by contractions in goods-producing and services-producing industries. Overall, 11 of 20 industrial sectors contracted in October.

Goods-producing industries were down 0.7% in October, as most sectors comprising the grouping contracted, led by the manufacturing sector. Services-producing industries declined 0.2% in the month, impacted by a few labour stoppages that dampened the overall activity.

The manufacturing sector fell 1.5% in October, largely offsetting September's expansion, as contractions in durable-goods and non-durable goods manufacturing industries weighed on growth.

Transportation and warehousing decreased 1.1% in October, more than offsetting September's growth, with the postal service leading the decline.

The retail trade sector decreased 0.6%, down for the second month in a row, with most subsectors recording contractions in October.

 

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