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Canada real GDP unchanged in October

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Canada real GDP unchanged in October

Canada's real GDP growth was flat at 0.2% month over month in October despite growth in service industries, the latest report from Statistics Canada showed.

The wholesale trade sector grew by 1.4% in October, expanding for the ninth time in 11 months and rebounding from the 0.9% decline in September. Strength in wholesalers of machinery, equipment and supplies, personal and household goods and petroleum product contributed to the increase.

The retail sector gained 1.1% in October, nearly making up for the three consecutive months of declines, Statistics Canada said. Motor vehicle and parts dealers rose 2.3% as activity at new and used car dealers quickened.

Real estate and rental and leasing also rose 0.3% in October as activity at the offices of real estate agents and brokers climbed 2.1%.

Meanwhile, goods-producing industries slipped 0.4% as mining, quarrying and oil and gas extraction fell 1.1% in October. Oil and gas extraction declined 0.7% while mining excluding oil and gas extraction slipped 0.8%.