Canadian GDP Increased 0.8% in October, Marking Fifth Consecutive Monthly Increase

Statistics Canada (StatsCan) reported today (12-23-21) that real gross domestic product (GDP) rose 0.8% in October, following a 0.2% growth in September. The growth marks the fifth consecutive monthly gain in the GDP. Seventeen of the 20 industrial sectors posted gains in October.

Construction rose 1.6% in October, following four declines in the previous five months, as all forms of construction activity were up in the month.

Residential building construction (+2.0%) led the growth in October as higher home alteration and improvement activities, along with an increase in multi-unit dwellings construction, more than offset continued declines in single-family homes construction.

Non-residential building construction expanded 1.3% in October, its fourth consecutive gain, as all types of non-residential building construction were up over the course of the month. Repair construction rose 1.9%, while engineering and other construction activities grew 1.2% in October.

Advance information indicates that real GDP increased 0.3% in November. Leading the growth were accommodation and food services, wholesale trade, construction, and the arts and entertainment sectors. Conversely, the mining, quarrying, and oil and gas extraction sectors offset some of the gains. Owing to its preliminary nature, this estimate will be updated on February 1, 2022, with the release of the official GDP data for November 2021.