Canada: GDP stalls in October
December 23, 2011
In October, GDP was unchanged over the previous month in seasonally adjusted terms, which was below both September's 0.2% rise and market expectations of an increase of the same magnitude. The output of goods-producing industries fell in October, led by declining utilities and construction. On the other hand, the output of service-producing industries ticked up, mainly driven by retail trade as well as finance, insurance and real estate services. On an annual basis, GDP expanded 2.7% in October (September: +3.0% year-on-year). Moreover, the trend continues to point downwards, with the annual average growth rate inching down from 3.1% in September to 3.0% in October. The Central Bank projects the economy to grow 2.0% in 2012 and 2.8% in 2013.