Canada GDP for October MoM 0.3% vs 0.1% estimate.

The estimate for November 0.1%

• Prior month 0.1%
• Canada GDP for October 0.3% vs 0.1% estimate
• November est is 0.1% Decreases in mining, quarrying, and oil and gas extraction, transportation and warehousing, and finance and insurance were partially offset by increases in accommodation and food services and real estate and rental and leasing.

Details:

• Goods-producing industries: Up 0.9%, led by mining, quarrying, and oil and gas extraction.
• Services-producing industries: Up 0.1%, driven by real estate and rental and leasing activity (fifth consecutive month of growth).
• Sector performance: 12 of 20 sectors expanded in October.

The Mining sector led the growth for the month.

• Mining, quarrying, and oil and gas extraction expanded 2.4% in October after three months of contraction.
• Oil and gas extraction:
  • Grew 3.1%, driven by oil sands extraction (+5.2%), the largest increase since December 2020.
  • Oil sands activity resumed after maintenance, with some facilities reaching record production.
  • Natural gas extraction increased, offsetting a decline in crude petroleum.
• Mining and quarrying (except oil and gas):
  • Grew 0.8%, led by metal ore mining (+1.4%).
  • Copper, nickel, lead, and zinc ore mining rose 2.3%.
  • Iron ore mining increased 1.3%, recovering from equipment failures in September.
  • Coal mining surged 4.1%, driven by thermal coal production in Alberta.
• Support activities for mining and oil and gas extraction:
  • Rebounded 1.3%, boosted by higher drilling and rigging activity

In other sectors:

• Real estate and rental and leasing up for the 6th consecutive month by 0.5%
• Constuction up for the 3rd month by 0.4%
• Wholesale trade up 0.5% for the 2nd increase in a row.
• Transportation and warehousing up by 0.2% for the 3rd increase in a row despite strike activity

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This article was written by Greg Michalowski at www.forexlive.com.