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

  • Auto Sales Down Again for Big Car Makers
  • Manufacturing sector continued to gain in November
  • Solar power companies report growth
  • Montreal company ready to launch tiny greenhouse gas-spotting satellite
  • Solar researchers closing in on 50 per cent PV efficiency
  • High speed rail finally coming to Toronto-Windsor corridor? What will Ontario high speed look like?
  • Ontario College of Trades report recommendations accepted by minister
  • Magna International acquires German transmission giant
  • UC engineers create first semiconductor-free microelectronics device
  • Astronauts Harvest Radishes on Space Station
  • Canada's start-ups need more help to become global players: OCC
  • World's building industry told to decarbonize, cut emissions drastically
  • Government investment, weakening dollar, stronger US economy could spell relief for Canada's manufacturers
  • Engineers use captured carbon to create new form of concrete
  • Large Ontario wind power project gets go-ahead, now hiring
  • Self-Driving Robo Taxis
  • Calgary company a leader in waterless fracking
  • Giant wind-solar development announces SMA Canada for O&M
  • Aerospace industry "steady but unspectacular" in 2013: Conference Board
  • LNG Canada moves ahead with BC project as China and Russia sign huge gas deal
Scroll to Top