The Canadian Statistics Agency announced that the Canadian economy grew by 0.3% during October, supported by strong performance in the mining and quarrying, oil and gas extraction sector, following a 0.2% increase in September.

The agency stated that this growth was due to a 0.1% increase in the services-producing industries during the month, while the goods-producing industries rose by 0.9% after four consecutive months of decline.

The mining, quarrying, and oil and gas extraction sector recorded a 2.4% increase in October, as all sub-sectors observed a noticeable rise. The manufacturing sector also rose by 0.3%, after four consecutive months of decrease.

The real estate and rental sector saw an increase of 0.5%, achieving the sixth consecutive month of growth and the largest increase since January.

On the other hand, preliminary estimates from the Canadian Statistics Agency for November indicated a slight decrease in real GDP by 0.1%, with declines in the mining, quarrying, oil and gas extraction, transportation and storage, and finance and insurance sectors contributing to this decline, although increases in the accommodation and food services and real estate and rental sectors mitigated this downturn.