Canada's economy grows 0.2% in October - Action News
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Canada's economy grows 0.2% in October

Canada's real gross domestic product increased 0.2 per cent in October, Statistics Canada says.

Mining and oil and gas extraction drive gain

Canada's real gross domestic product increased 0.2 per cent inOctober, Statistics Canada said Thursday.

That's a reversal from the 0.1 per cent decline in the value of goods and services produced in September.

The increase was less than some economists were predicting.

Mining and oil and gas extraction werethe main sources of economic growth, advancing 2.4 per cent, Statistics Canada said. Oil and gas extraction, the biggest component, was up1.3 per cent, "almost entirely on the strength of natural gas."

Mining, the second-largest factor in the resource group, rose 2.7 per cent as production at copper, nickel, lead and zinc mines rebounded tolevels seenin the spring of 2009.

The third and smallest factor, supportwork drilling,rigging and mining exploration surged9.9 per cent fromSeptember, when badweather hampered rigging.

The public sector education, health and administration also grew, as did the wholesale trade and the catchall category "other."

But manufacturing fell0.6 per cent,particularlymanufacturers of non-durable goods, who cutproduction by 2.3 per cent. Durable goods makers increasedoutput by 0.8 per cent.

Utilities, finance and insurance, construction, the retail trade andagriculturealso fell.

Home resales rosein several parts of the country, helping theoutput of real estate agents and brokers, but constructionfell 0.5 per cent, with a drop in residential building.