The Canadian economy grew at a faster clip than expected in October.
Canada’s gross domestic product, the broadest measure of goods and services produced across the economy, rose by 0.3 per cent in October, Statistics Canada said, which was above expectations.
Economists had estimated the Canadian economy would increase by 0.1 per cent during the month.
“Canada’s economy maintained a surprisingly strong pace entering the fourth-quarter home stretch,” economists at CIBC said.
CIBC noted, however, lower oil prices “were just a developing story at that point.” Experts suggest the sharp downturn in oil price through November and December will cut economic growth in Canada.
“Growth will likely decelerate in the final two months of 2014,” Benjamin Reitzes, senior economist at Bank of Montreal said.
In the U.S., its economy grew the most in a decade at an annual pace of five per cent in the third quarter — up from an initial estimate of 3.9 per cent.
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