Canada’s Real GDP Rises 0.4% In October

2 min read | December 24, 2020 03:07 AM AEDT | By Hina Chowdhary

Google News:

Recent News

Zip Shares Push Higher as Market Watches Key Turning Point

Could These Under-the-Radar ASX Stocks Be Worth Watching?

ASX 200 Soars as Trump Signals Surprise Iran Peace Shift

Which ASX Small Caps Are Making Early Moves Today?

Make Kalkine Media
My Trusted Source

Canada’s real gross domestic product (GDP) marginally improved for the sixth month in a row. It was up by 0.4 per cent in October, following a 0.8 per cent rise in September, as per the Statistics Canada report released on Wednesday.

The rising GDP trend has offset the sharpest plunges on record in Canadian economic activity witnessed in March and April this year. However, total economic activity was still nearly 4 per cent down from pre-pandemic levels in February.

The professional services sector witnessed a rise of 1.0 per cent in October, as all types of service sectors rebounded. Computer systems design and related work led the surge with a 1.1 per cent rise in October.

Furthermore, residential construction activities increased by 1.9 per cent in October, along with home restoration services. However, accommodation and food services sector dropped for the second straight month, shrinking by 3.9 per cent in October. This was primarily due to the deceleration of the initial impetus of re-opening amid the second wave of the COVID-19 virus.

Canada’s GDP Chart (Data Source: Statistics Canada)

Both goods-producing (+0.1%) and services-producing (+0.5%) industries were up with 0.1 per cent and 0.5 per cent, reactively, guided by 16 of 20 industrial sectors’ higher performance in the month of October.

In its interim estimates, Statistics Canada’s report indicates a nearly 0.4 per cent improvement in real GDP for the month of November, led by Manufacturing, wholesale trade and finance, and insurance, while construction lessened the growth. The above estimate will be reviewed on January 29, 2021, with the final report of the official GDP data.

Mining, quarrying, and oil and gas extraction operations remained flat in October, as oil and gas drilling operations compensated mining and quarrying loss.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.