The Canadian economy leveled off in October as gains in the resource sector helped offset declines in factory production and consumer spending.
According to Statistics Canada, the country’s gross domestic product was unchanged, after falling 0.5 per cent in September. The federal agency said that gains in resource industries and the public sector were offset by declines in manufacturing, utilities, and retail trade.
Commodity-based industries including mining, quarrying and oil and gas extraction posted slight gains after major declines in September, StatsCan said, and the public sector grew slightly.
That was offset by declines in manufacturing, utilities and retail trade.
Mining, quarrying, and oil and gas extraction rebounded in October, rising 0.7 per cent after falling 4.7 per cent in September. The use of non-conventional sources of oil such as the Alberta oil sands rose 0.8 per cent after a 10.6 per cent decrease in the previous
The finance and insurance sector declined for a third consecutive month, falling 0.1 per cent despite a gain in the financial investment services sector.