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Strong manufacturing growth leads GDP expansion in October: StatsCan

Published by Brad Fougere on December 23, 2014

Building on September’s gains, the Canadian economy expanded by 0.3% per cent in October, led once again by strength in the manufacturing sector.

October’s national GDP numbers were slightly lower than a month earlier (0.4 per cent), but significantly higher than over the summer when the Canadian economy was essentially flat. Through 10 months, the economy is on pace for steady annual growth in the range of 2.7 per cent.

For its part, the manufacturing sector continues to lead the way. For the second consecutive month, manufacturing sector GDP expanded by about twice the national average rate. October’s 0.7 per cent increase was slightly slower than the 0.8 per cent figure posted in September.

As a result, with two months’ worth of data yet to come, manufacturing is poised to record a strong year in 2014. Through October, manufacturing GDP is up 3.1 per cent compared to the same period last year.

As in the previous month, although the manufacturing sector as a whole recorded solid gains in October, the performance was uneven across the various major industry groupings. Fabricated metals producers had an excellent month, posting a 3.8 per cent monthly gain. Petroleum refineries also had a good month as production in Alberta came back on line and the impact of lower oil prices began to be felt on production costs; GDP in petroleum production rose by 3.5 per cent in October. Motor vehicles production also fared well, with a 1.7 per cent increase.  

At the other end of the spectrum, economic output fell in the machinery (-2.2 per cent), primary metals (-1.4 per cent) and food production industries (-0.8 per cent).

Found in: gdp StatsCan

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