Canada’s GDP down 0.3% in October
OTTAWA – After increasing for four constructive months, real gross
domestic product was down 0.3% in October. Widespread decreases
in manufacturing output and lower oil and gas extraction were the
major contributors to the decline. Goods-producing industries contracted
1.3% as manufacturing, mining, quarrying, and oil and gas
extraction, construction, utilities and the agriculture and forestry sector
all declined in October.
Service-producing industries edged up 0.1%, mainly due to increases
in real estate and rental and leasing as well as retail and wholesale
trade. The public sector (education, health and public administration
combined) also edged up. The finance and insurance, administrative
services, accommodation and food services and transportation and
warehousing services sectors declined.
Manufacturing output contracted 2.0% in October, the largest monthly
decline since December 2013. Both durable and non-durable manufacturing
were down, reflecting a lower volume of exports of manufactured
goods. Durable manufacturing was down 2.1%, the third decrease
in four months. Almost all industrial groups were down, with
the largest declines in terms of output registered in machinery, fabricated
metal products and primary metal manufacturing.
Non-durable manufacturing declined 2.0%. Petroleum and coal products
manufacturing was down 6.5%, as production was affected by
maintenance and turnaround work at some facilities. Food manufacturing
declined following three months of growth. Textile, clothing and
leather manufacturing as well as paper manufacturing increased,
while chemical manufacturing edged up.