Economic Players Heave a Sigh, Canada's Economy Grows 0.1% in October!

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 Canada's economy expanded by 0.1% in October compared to September, meeting expectations, with another 0.1% increase in GDP seen as likely in November, Statistics Canada data reported on Friday.


Analysts polled by Reuters had forecast GDP to rise 0.1% in October from September.


The services production sector increased by 0.3%, led by gains in the public sector, wholesale and customer-facing industries, and more than offsetting the contraction in the goods-producing industry, Statistics Canada said.



The goods-producing industry recorded a 0.7% decline in October after four months of steady growth, mainly due to declines in mining, quarrying and oil and gas extraction and weakness in the manufacturing sector.


In preliminary estimates for November, Statistics Canada said GDP likely rose 0.1% in November, driven by gains in sectors including utilities and wholesale trade that were expected to be partially offset by declines in construction, retail trade and mining.


The Canadian dollar currency was trading at 1.3610 to the U.S. dollar, or 73.48 U.S. cents.

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