OTTAWA: Canada’s economic output was unchanged in October after shrinking in September, Statistics Canada reported.
The data agency says gross domestic product expanded in mining, quarrying, and oil and gas extraction, as well as in the public sector, but that growth was offset by declines in manufacturing, utilities and retail trade.
Oil and gas expanded after an especially bad month in September, BMO economist Doug Porter noted.
“We would look for a bit more of a recovery from this area next month, but obviously the resource sector cannot be counted on to lead growth in the coming year with prices careening lower late in 2015.”
“Aside from that, the economy struggled…full stop.”
The flat showing in October comes on the heels of a 0.5 per cent decline in September. It was also worse than what economists were expecting, which was for slight growth of 0.2 per cent.
CIBC Capital Markets economist Nick Exarhos said the weak results undercut expectations that the Canadian economy had rebounded in October after shrinking in September.
Without the rebound in the mining sector, the country would have seen another economic contraction after September’s 0.5 per cent decline, Exarhos said in a brief commentary.
That puts the country on track for flat growth in the fourth quarter, which began in October, and could signal another interest rate cut from the Bank of Canada, he said.
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