The Canadian economy showed slight growth in October with the release of the latest GDP reading.

Statistics Canada said on Friday that the economy rose by 0.1 percent, surpassing its preliminary estimates that real GDP would remain unchanged during the month.

The federal agency also said that growth in service-producing industries, led by gains in the public sector and wholesale and customer handling sectors, was partially offset by a decline in goods-producing industries.

Overall, output grew in 11 of 20 industrial sectors in October, with air transportation rising by 5.5 percent in October to its highest activity level since the pre-COVID pandemic level in February 2020.

However, despite nine months of continuous gains, Statistics Canada said that the level of air transportation activity in October was about 34 percent below pre-pandemic levels.

Also, performing arts, sports, and heritage institutions grew by 4.7 percent amid more Toronto Blue Jays games than usual in October and a delayed start to the NHL preseason.

Food services and drinking places activity also increased by 2.1 percent in October, offsetting a 1.6 percent decline in accommodation services that month.

The slowdown in goods-producing industries in October was driven by declines in mining and quarrying, oil and gas extraction, and weakness in the manufacturing sector.

All metal mining industries declined, with the largest drop in copper, nickel, lead, and zinc ore mining at 4.8 percent, followed by gold and silver mining at 2.1 percent.

In fact, there appears to be a consensus among economists that economic growth in the coming months will largely depend on the ongoing impact of interest rate hikes.