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Free AccessMNI DATA ANALYSIS: Canada Flat October GDP Underwhelms>
By Yali N'Diaye
OTTAWA (MNI) - Canada's economic activity was flat in October,
following a 0.2% expansion in September due to weakness in
goods-producing industries, data from Statistics Canada showed Friday.
A 0.4% contraction in the goods sector offset a 0.2% increase in
services, where activity has been expanding for 19 consecutive months.
Analysts in a MNI survey has expected October GDP to increase 0.1%.
While the flat performance was underwhelming, the 12-month growth rate
edged up to 3.4% from 3.3%.
Overall weakness was concentrated in 9 of 20 industrial sectors.
-- ENERGY CONTRACTING
Much of the weakness in the goods industries was related to energy,
with mining, quarrying, and oil and gas extraction contracting 1.1%,
erasing September's 1.2% gain. Oil and gas extraction was down 0.7% and
mining and quarrying down 0.8%.
Overall energy production fell 0.9% on the month, trimming GDP by
0.1 percentage point. Indeed, GDP excluding energy was up 0.1% in
October, maintaining the same pace as in September.
While mining, quarrying, and oil and gas extraction was responsible
for much of the weakness in goods-producing sectors, other major
categories also contracted, except for manufacturing.
Utilities fell 1.3%, the largest decline since November 2016,
offsetting the 1.2% increase recorded the previous month on the back of
"volatile unseasonal weather conditions." Construction edged down 0.1%,
led by the non-residential sector (-0.3%).
Manufacturing was the only major category to expand in the goods
sector, as it was up 0.1%. A 0.3% gain in non-durable manufacturing was
partly offset by a 0.1% decrease in durable manufacturing.
--SERVICES GROWTH ACCELERATES
Services, on the other hand, have been expanding continuously since
April 2016, with growth accelerating to 0.2% in October from 0.1% in
September.
The expansion was led by wholesale trade (+1.4%) and retail trade,
which was up 1.1%, its largest increase since January 2017.
Weakness in the public sector partly offset the services
performance. Public administration production contracted 0.1%.
Educational services were flat after rising 0.5% in September. "The
community colleges and CEGEPs subsector declined 4.6% as a result of a
strike by Ontario community college faculty staff that started on
October 16," the agency said.
In other components of the public sector, health care and social
assistance edged up 0.2%. Overall public sector GDP was flat on the
month, its weakness showing since January 2017.
** MNI - Ottawa **
[TOPICS: MACDS$,M$C$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.