Canada's economy expanding at 2.7% pace
October GDP expands by 0.3% on monthly basis
Canada's gross domestic products expanded at a 2.7 per cent annual pace in October, slightly ahead of what economists were expecting, mainly attributed to an uptick in the hard-hit manufacturing sector.
Statistics Canada reported Monday that the economy expanded by 0.3 per cent on a monthly basis. That's the fourth straight monthly increase. Economists were expecting the monthly figure to come in at around 0.2 per cent.
Goods-producing industries generally fared better than the service sector, with manufacturing being a standout, the data agency said.
Manufacturing expanded at an annual pace of 2.4 per cent, mainly because of an uptick in the production of food, beverage and tobacco products.
"October's stronger-than-consensus GDP growth suggests that activity began the fourth quarter on a solid footing," Capital Economics economist David Madani said in a note following the release of the data. "For the quarter as a whole, we now think that the economy will expand by just over three per cent at an annualized pace."