FXStreet (Mumbai) – Statistics Canada released the GDP for October today. Real gross domestic product was unchanged in October, after falling 0.5% in September. It fell below the 0.3 per cent GDP growth estimated. Gains in mining, quarrying, and oil and gas extraction as well as the public sector were offset by declines in manufacturing, utilities and retail trade. The output of goods-producing industries also remained unchanged in October.
Mining, quarrying, and oil and gas extraction sector saw an improvement. However, the gains were offset by declines in manufacturing, utilities and construction.
The output of service-producing industries remained unchanged in October. The public sector (education, health and public administration combined) increased, but this was again offset by declines in retail and wholesale trade, transportation and warehousing services and, to a lesser extent, the finance and insurance sector.
Retail sales were up 0.1% in October to $43.4 billion. The figures stayed below the 0.5 per cent increase expected. Sales were up in 7 of 11 subsectors, representing 59% of retail trade. After removing the effects of price changes, retail sales in volume terms declined 0.3%. Higher sales of clothing and footwear contributed to increase in sales at clothing and clothing accessories stores (+1.9%), sporting goods, hobby, book and music stores (+4.9%), as well as general merchandise stores (+0.6%).
(Market News Provided by FXstreet)