Canadian GDP decreases by 0.1% in October. | CountingPips Forex Blog

December 24, 2008 - Forex Economic News

Canadian GDP decreases by 0.1% in October.

The Canadian Gross Domestic Product decreased in October according to a report by Statistics Canada released today. The Canadian GDP decreased in October by 0.1 percent Canada's GDP falls in October following a rise of 0.1 percent in September. October's GDP growth was better than market forecasts predicting a 0.3 percent decline for the month.

Contributing to the GDP decline was an decrease in wholesale trade as this sector decreased by 2.7 percent for the month. Retail trade, output of real estate agents & brokers and manufacturing also contributed to the decreased GDP for October. Retail trade fell 0.1 percent while manufacturing fell by 0.7 percent. Construction also declined by 0.3 percent in October. Contributing positively to the GDP data were increases in the energy sector and the finance & insurance sectors which had increases by 1.2 percent and 0.4 percent, respectively.

tags: Canada GDP, CAD economy, forex news

Blog Index