StatCan reports real GDP grew 0.3 per cent in October [Video]

Statistics Canada says the economy grew 0.3 per cent in October, helped by strength in the mining, quarrying, and oil and gas extraction sector, following a 0.2 per cent increase in September.

The agency says the growth came as services-producing industries grew 0.1 per cent for the month, marking the fifth straight month of increases.

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Meanwhile, after four consecutive monthly declines, goods-producing industries rose 0.9 per cent.

Mining, quarrying, and oil and gas extraction rose 2.4 per cent in October with all three subsectors rising. Oil and gas extraction was the largest contributor, increasing 3.1 per cent.

Manufacturing rose 0.3 per cent in the month, following four consecutive monthly declines, driven by an increase in non-durable goods manufacturing.

CIBC senior economist Andrew Grantham called the economy’s October gains “a larger-than-expected stride forward,” as the …