Manufacturing up again in October

For the fourth consecutive month, Canada’s economy grew in October, Statistics Canada reports. GDP grew by 0.3 per cent in October, with significant gains in manufacturing and service industries. In the goods producing industries, the growth was 0.4 per cent, mainly as a result of manufacturing. The annualized rate is 2.7 per cent, the highest since May, 2012 and higher than the Bank of Canada has forecast for the fourth quarter of the year. The central bank called for a 2.0 per cent rise in October, and a 1.6 per cent annual rise for 2013.

Manufacturing output increased 1.3 per cent in October, after a 1.2 per cent rise in September. Durable goods were up 0.5 per cent on the strength of transportation equipment and primary metal. In the non-durable goods category of the manufacturing sector, the increase was higher still: 2.3 per cent, due mainly to increases in the manufacture of chemical, food and beverage and tobacco products.

Source: Statistics Canada

The growth in manufacturing could be the result of higher exports in response to higher US demand and the weaker Canadian dollar.

Wholesale trade, mainly of machinery, equipment and supplies, also grew for a fourth consecutive month, posting a 1.4 per gain in October. Retail trade saw notable gains at food and beverage stores, electronics and appliance stores, and health and personal care stores. Retailing of cars and trucks and auto parts, however, was down.

Several industries saw no change in October: mining, quarrying and gas extraction were unchanged, but support activities for oil and gas extraction grew 3.0 per cent. Construction was also unchanged in October.

Did you miss this?

Other Popular Stories

  • Strong auto exports highlight industry's importance, vulnerability to TPP
  • Norwegian group claims world's first seabed energy storage technology
  • Propane suppliers condemn Ontario government's support of natural gas expansion
  • More engineers, fewer arts grads needed in Canada: CIBC
  • UN aviation body sets first CO2 emissions standard for world's airlines
  • Some industry support for new water heater regulations
  • Five defence industry technologies — right out of science fiction — that are real today
  • Economy outperforms in January; manufacturing leads broad-based growth
  • Interstellar Mission to Commemorate 100th Anniversary of Moon Landing
  • Record car sales reported in Canada, US for October
  • Recycling copper wire — copper can be recycled repeatedly without loss of quality
  • Skilled labour shortage in world oil industry: report
  • Wind more economical than nuclear: offshore wind turbines in U.K. significantly less expensive per megawatt than planned nuclear
  • $25.8 million Low Carbon Innovation Fund aims to help commercialize technologies that reduce greenhouse emissions.
  • Aerospace industry "steady but unspectacular" in 2013: Conference Board
  • Only 13% of Canadian manufacturers likely to change export strategy despite trade disputes even though 87% are looking beyond the US market
  • Worker mobility key to construction's labour shortage
  • Bombardier Challenger 350 set to fly with NetJets
  • New York's ban on fracking gives hope to other opponents
  • SNC's Candu Energy signs international agreements
Scroll to Top