The Canadian economy was little changed at the end of 2023, as shown by Canada’s real gross domestic product (GDP), which remained unchanged for the third straight month in October, according to statistics data. Canada released on Friday.
Production in service industries increased slightly by 0.1%, while output in goods producing industries did not change at all.
Retail held its own well and recorded an increase of 1.2% in October, which, according to the Federal Agency, represents the highest growth rate since the beginning of the year.
Apparel retailer activity contributed the most to growth, up 3.2%, after previously posting two consecutive monthly declines. Retailers of general merchandise (+2.5%) and health and personal care products (+1.6%) also increased.
In contrast, wholesale trade fell by 0.7% in October, with only the building materials and building supplies wholesale sub-sector recording an increase of 3.7%.
Manufacturing fell 0.6% in the 10th month of the year, declining for the fourth time in five months.
Mining, quarrying and oil and gas production rose 1% in October, while the transportation and warehousing sector fell 0.2% at the same time.
“Advanced information suggests that real industrial GDP rose slightly by 0.1% in November,” Statistics Canada said.
This data was released the day after that of Quebec’s GDP, which fell 0.2% in the third quarter, according to the Quebec Statistics Institute, technically marking the start of a recession.
However, it is still too early for Finance Minister Eric Girard to speak of a recession.