Canada’s economy sees no growth in October, GDP falls short of analysts’ expectations

Canada’s GDP remained unchanged in October. (The Canadian Press/Graham Hughes) (The Canadian Press)

Statistics Canada said Friday that Canada’s economy experienced no growth in October as gross domestic product was unchanged at 0.0 per cent on a monthly basis.

Analysts had expected gross domestic product to rise 0.2 percent on a month-on-month basis. October marked the third consecutive month in which economic growth remained essentially unchanged.

Statistics Canada says advance estimates for November showed gross domestic product increased 0.1 per cent last month, as growth in manufacturing, transportation and warehousing, agriculture, forestry, fishing and hunting offset a decline in retail trade. This was partially offset by.

“Canada’s economic engine continued to falter in the fourth quarter,” Royce Mendes, managing director and head of macro strategy at Desjardins, wrote in a research note on Friday. He says he expects the economy to register “virtually no growth” in the fourth quarter and remain stable.

Source: Business News