Canada’s GDP contracts by 0.3 percent in October

Tuesday, 03 January 2017 17:30:48 (GMT+3)   -   Istanbul
SteelOrbis News

According to Statistics Canada, after increasing for four consecutive months, real gross domestic product in Canada was down 0.3 percent in October. Widespread decreases in manufacturing output and lower oil and gas extraction were the major contributors to the decline.
Goods-producing industries contracted by 1.3 percent as manufacturing, mining, quarrying, and oil and gas extraction, construction, utilities and the agriculture and forestry sector all declined in October.
Manufacturing output contracted by 2.0 percent 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.
The output of the mining, quarrying, and oil and gas extraction sector decreased by 1.2 percent in October.
Construction output declined by 0.5 percent in October, the fifth decline in six months. Residential construction was the major contributor to the decrease, down 1.0 percent as there were fewer housing starts. Repair and non-residential construction also slowed, while engineering construction edged up.

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